Document:

Exhibit 4.8

 

SCBT FINANCIAL CORPORATION

 

Issuer

 

to

 

 

 

 

[WILMINGTON TRUST COMPANY]

Trustee

 

 

 

 

SUBORDINATED INDENTURE

 

 

Dated as of
                 ,
2009

 

 

Subordinated Debt Securities

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE ONE

  	
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL
  APPLICATION

  	
   

  	
  2

  
	
  Section 101.

  	
  Definitions

  	
   

  	
  2

  
	
  Section 102.

  	
  Compliance Certificates and Opinions

  	
   

  	
  8

  
	
  Section 103.

  	
  Form of Documents Delivered to Trustee

  	
   

  	
  9

  
	
  Section 104.

  	
  Acts of Holders

  	
   

  	
  9

  
	
  Section 105.

  	
  Notices, Etc., to Trustee and Company

  	
   

  	
  11

  
	
  Section 106.

  	
  Notice to Holders

  	
   

  	
  11

  
	
  Section 107.

  	
  Language of Notices

  	
   

  	
  12

  
	
  Section 108.

  	
  Conflict With Trust Indenture Act

  	
   

  	
  12

  
	
  Section 109.

  	
  Effect of Headings and Table of Contents

  	
   

  	
  12

  
	
  Section 110.

  	
  Successors and Assigns

  	
   

  	
  12

  
	
  Section 111.

  	
  Separability Clause

  	
   

  	
  12

  
	
  Section 112.

  	
  Benefits Of Indenture

  	
   

  	
  12

  
	
  Section 113.

  	
  Governing Law

  	
   

  	
  12

  
	
  Section 114.

  	
  Legal Holidays

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE TWO

  	
  SECURITIES FORMS

  	
   

  	
  13

  
	
  Section 201.

  	
  Forms Generally

  	
   

  	
  13

  
	
  Section 202.

  	
  Form of Trustee’s Certificate of
  Authentication

  	
   

  	
  13

  
	
  Section 203.

  	
  Securities in Global Form

  	
   

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE THREE

  	
  THE SECURITIES

  	
   

  	
  14

  
	
  Section 301.

  	
  Amount Unlimited, Issuable in Series

  	
   

  	
  14

  
	
  Section 302.

  	
  Denominations

  	
   

  	
  17

  
	
  Section 303.

  	
  Securities in Foreign Countries

  	
   

  	
  17

  
	
  Section 304.

  	
  Execution, Authentication, Delivery and
  Dating

  	
   

  	
  17

  
	
  Section 305.

  	
  Temporary Securities

  	
   

  	
  19

  
	
  Section 306.

  	
  Registration, Transfer and Exchange

  	
   

  	
  19

  
	
  Section 307.

  	
  Mutilated, Destroyed, Lost and Stolen
  Securities

  	
   

  	
  22

  
	
  Section 308.

  	
  Payment of Interest; Interest Rights Preserved

  	
   

  	
  22

  
	
  Section 309.

  	
  Persons Deemed Owners

  	
   

  	
  23

  
	
  Section 310.

  	
  Cancellation

  	
   

  	
  24

  
	
  Section 311.

  	
  Computation of Interest

  	
   

  	
  24

  
	
  Section 312.

  	
  Cusip Numbers

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE FOUR

  	
  SATISFACTION AND DISCHARGE

  	
   

  	
  24

  
	
  Section 401.

  	
  Satisfaction and Discharge of Indenture

  	
   

  	
  24

  
	
  Section 402.

  	
  Application of Trust Money

  	
   

  	
  26

  
	
  Section 403.

  	
  Satisfaction, Discharge and Defeasance of
  Securities of Any Series

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE FIVE

  	
  REMEDIES

  	
   

  	
  27

  
	
  Section 501.

  	
  Events of Default

  	
   

  	
  27

  
	
  Section 502.

  	
  Acceleration of Maturity; Rescission and
  Annulment

  	
   

  	
  28

  
	
  Section 503.

  	
  Collection of Indebtedness and Suits For
  Enforcement By Trustee

  	
   

  	
  29

  
	
  Section 504.

  	
  Trustee May File Proofs of Claim

  	
   

  	
  29

  
	
  Section 505.

  	
  Trustee May Enforce Claims Without
  Possession of Securities or Coupons

  	
   

  	
  30

  
	
  Section 506.

  	
  Application of Money Collected

  	
   

  	
  30

  
	
  Section 507.

  	
  Limitations on Suits

  	
   

  	
  31

  
	
  Section 508.

  	
  Unconditional Right of Holders to Receive
  Principal, Premium, Interest and Additional Amounts

  	
   

  	
  31

  

 

ii

 

	
  Section 509.

  	
  Restoration of Rights and Remedies

  	
   

  	
  31

  
	
  Section 510.

  	
  Rights and Remedies Cumulative

  	
   

  	
  31

  
	
  Section 511.

  	
  Delay or Omission Not Waiver

  	
   

  	
  32

  
	
  Section 512.

  	
  Control By Holders

  	
   

  	
  32

  
	
  Section 513.

  	
  Waiver of Past Defaults

  	
   

  	
  32

  
	
  Section 514.

  	
  Waiver of Stay or Extension Laws

  	
   

  	
  32

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE SIX

  	
  THE TRUSTEE

  	
   

  	
  33

  
	
  Section 601.

  	
  Notice of Defaults

  	
   

  	
  33

  
	
  Section 602.

  	
  Certain Rights of Trustee

  	
   

  	
  33

  
	
  Section 603.

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
   

  	
  34

  
	
  Section 604.

  	
  May Hold Securities

  	
   

  	
  34

  
	
  Section 605.

  	
  Money Held In Trust

  	
   

  	
  34

  
	
  Section 606.

  	
  Compensation and Reimbursement

  	
   

  	
  34

  
	
  Section 607.

  	
  Corporate Trustee required; Eligibility;
  Conflicting Interests

  	
   

  	
  35

  
	
  Section 608.

  	
  Resignation and Removal; Appointment of
  Successor

  	
   

  	
  35

  
	
  Section 609.

  	
  Acceptance of Appointment By Successor

  	
   

  	
  37

  
	
  Section 610.

  	
  Merger, Conversion, Consolidation or
  Succession to Business

  	
   

  	
  37

  
	
  Section 611.

  	
  Appointment of Authenticating Agent

  	
   

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE SEVEN

  	
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
  COMPANY

  	
   

  	
  39

  
	
  Section 701.

  	
  Company to Furnish Trustee Names and
  Addresses of Holders

  	
   

  	
  39

  
	
  Section 702.

  	
  Preservation of Information; Communications
  to Holders

  	
   

  	
  39

  
	
  Section 703.

  	
  Reports By Trustee

  	
   

  	
  40

  
	
  Section 704.

  	
  Reports By Company

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE EIGHT

  	
  CONSOLIDATION, MERGER AND SALES

  	
   

  	
  41

  
	
  Section 801.

  	
  Company May Consolidate Etc., Only on
  Certain Terms

  	
   

  	
  41

  
	
  Section 802.

  	
  Successor Corporation Substituted For
  Company

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLEL NINE

  	
  SUPPLEMENTAL INDENTURES

  	
   

  	
  42

  
	
  Section 901.

  	
  Supplemental Indentures Without Consent of
  Holders

  	
   

  	
  42

  
	
  Section 902.

  	
  Supplemental Indentures With Consent of
  Holders

  	
   

  	
  43

  
	
  Section 903.

  	
  Execution of Supplemental Indentures

  	
   

  	
  44

  
	
  Section 904.

  	
  Effect of Supplemental Indentures

  	
   

  	
  44

  
	
  Section 905.

  	
  Conformity With Trust Indenture Act

  	
   

  	
  44

  
	
  Section 906.

  	
  Reference in Securities to Supplemental
  Indentures

  	
   

  	
  44

  
	
  Section 907.

  	
  Subordination Unimpaired

  	
   

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE TEN

  	
  COVENANTS

  	
   

  	
  45

  
	
  Section 1001.

  	
  Payment of Principal, Premium, If Any, and
  Interest

  	
   

  	
  45

  
	
  Section 1002.

  	
  Maintenance of Office or Agency

  	
   

  	
  45

  
	
  Section 1003.

  	
  Money For Securities Payments to Be Held in
  Trust

  	
   

  	
  46

  
	
  Section 1004.

  	
  Additional Amounts

  	
   

  	
  47

  
	
  Section 1005.

  	
  Statement As To Compliance; Notice of
  Certain Defaults

  	
   

  	
  47

  
	
  Section 1006.

  	
  Payment of Taxes and Other Claims

  	
   

  	
  48

  
	
  Section 1007.

  	
  Corporate Existence

  	
   

  	
  48

  
	
  Section 1008.

  	
  Waiver of Certain Covenants

  	
   

  	
  48

  
	
  Section 1009.

  	
  Calculation of Original Issue Discount

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE ELEVEN

  	
  REDEMPTION OF SECURITIES

  	
   

  	
  48

  
	
  Section 1101.

  	
  Applicability of Article

  	
   

  	
  48

  
	
  Section 1102.

  	
  Election To Redeem; Notice To Trustee

  	
   

  	
  48

  
	
  Section 1103.

  	
  Selection By Trustee of Securities To Be
  Redeemed

  	
   

  	
  49

  

 

iii

 

	
  Section 1104.

  	
  Notice of Redemption

  	
   

  	
  49

  
	
  Section 1105.

  	
  Deposit of Redemption Price

  	
   

  	
  50

  
	
  Section 1106.

  	
  Securities Payable on Redemption Date

  	
   

  	
  50

  
	
  Section 1107.

  	
  Securities Redeemed in Part

  	
   

  	
  51

  
	
  Section 1108.

  	
  Conversion Arrangements on Call for
  Redemption

  	
   

  	
  51

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE TWELVE

  	
  SINKING FUNDS

  	
   

  	
  52

  
	
  Section 1201.

  	
  Applicability of Article

  	
   

  	
  52

  
	
  Section 1202.

  	
  Satisfaction of Sinking Fund Payments With
  Securities

  	
   

  	
  52

  
	
  Section 1203.

  	
  Redemption of Securities For Sinking Fund

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE THIRTEEN

  	
  REPAYMENT AT THE OPTION OF HOLDERS

  	
   

  	
  53

  
	
  Section 1301.

  	
  Applicability of Article

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE FOURTEEN

  	
  MEETINGS OF HOLDERS

  	
   

  	
  53

  
	
  Section 1401.

  	
  Purposes for Which Meetings May Be
  Called

  	
   

  	
  53

  
	
  Section 1402.

  	
  Call, Notice and Place of Meetings

  	
   

  	
  53

  
	
  Section 1403.

  	
  Persons Entitled To Vote At Meetings

  	
   

  	
  54

  
	
  Section 1404.

  	
  Quorum; Action

  	
   

  	
  54

  
	
  Section 1405.

  	
  Determination of Voting Rights; Conduct and
  Adjournment of Meetings

  	
   

  	
  54

  
	
  Section 1406.

  	
  Counting Votes and Recording Action of
  Meetings

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE FIFTEEN

  	
  SUBORDINATION

  	
   

  	
  55

  
	
  Section 1501.

  	
  Securities Subordinated To Senior
  Indebtedness

  	
   

  	
  55

  
	
  Section 1502.

  	
  Subrogation

  	
   

  	
  57

  
	
  Section 1503.

  	
  Obligation Of Company Unconditional

  	
   

  	
  57

  
	
  Section 1504.

  	
  Payment On Securities Permitted

  	
   

  	
  58

  
	
  Section 1505.

  	
  Effectuation Of Subordination by Trustee

  	
   

  	
  58

  
	
  Section 1506.

  	
  Knowledge Of Trustee

  	
   

  	
  58

  
	
  Section 1507.

  	
  Trustee’s Relation To Senior Indebtedness

  	
   

  	
  58

  
	
  Section 1508.

  	
  Rights Of Holders Of Senior Indebtedness
  Not Impaired

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE SIXTEEN

  	
  CONVERSION

  	
   

  	
  59

  
	
  Section 1601.

  	
  Conversion Privilege

  	
   

  	
  59

  
	
  Section 1602.

  	
  Manner of Exercise of Convertible Privilege

  	
   

  	
  59

  
	
  Section 1603.

  	
  Cash Adjustment Upon Conversion

  	
   

  	
  60

  
	
  Section 1604.

  	
  Conversion Price

  	
   

  	
  60

  
	
  Section 1605.

  	
  Adjustment of Conversion Price

  	
   

  	
  60

  
	
  Section 1606.

  	
  Effect of Reclassifications,
  Consolidations, Merges or Sales on Conversions

  	
   

  	
  62

  
	
  Section 1607.

  	
  Taxes on Conversions

  	
   

  	
  63

  
	
  Section 1608.

  	
  Company to Reserve Common Stock

  	
   

  	
  63

  
	
  Section 1609.

  	
  Disclaimer by Trustee of Responsibility for
  Certain Matters

  	
   

  	
  63

  
	
  Section 1610.

  	
  Company to Give Notice of Certain Events

  	
   

  	
  63

  

 

iv

 

SCBT FINANCIAL CORPORATION

 

Reconciliation
and tie between Trust Indenture Act of 1939, as amended, and Subordinated
Indenture, dated as of       , 2009.

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  Section 310(a) (1)

  	
   

  	
  607

  
	
  (a) (2)

  	
   

  	
  607

  
	
  (a) (5)

  	
   

  	
  607

  
	
  (b)

  	
   

  	
  607

  
	
  Section 311(a)

  	
   

  	
  604

  
	
  (b)

  	
   

  	
  604

  
	
  (b) (2)

  	
   

  	
  108

  
	
  Section 312(a)

  	
   

  	
  701,
  702(a)

  
	
  (b)

  	
   

  	
  702(a)

  
	
  (c)

  	
   

  	
  702(b)

  
	
  Section 313(a)

  	
   

  	
  703(a),
  703(b)

  
	
  (b) (2)

  	
   

  	
  108

  
	
  (c)

  	
   

  	
  703(c)

  
	
  (d)

  	
   

  	
  703(c)

  
	
  Section 314(a)

  	
   

  	
  704

  
	
  (c) (1)

  	
   

  	
  102

  
	
  (c) (2)

  	
   

  	
  102

  
	
  (c) (3)

  	
   

  	
  108

  
	
  (e)

  	
   

  	
  102

  
	
  Section 315(a)

  	
   

  	
  108

  
	
  (b)

  	
   

  	
  601

  
	
  (c)

  	
   

  	
  108

  
	
  (d)

  	
   

  	
  108

  
	
  (d) (1)

  	
   

  	
  108

  
	
  (d) (2)

  	
   

  	
  108

  
	
  (d) (3)

  	
   

  	
  108

  
	
  (e)

  	
   

  	
  108

  
	
  Section 316(a)

  	
   

  	
  104

  
	
  (a) (1) (A)

  	
   

  	
  512

  
	
  (a) (1) (B)

  	
   

  	
  513

  
	
  (b)

  	
   

  	
  508

  
	
  (c)

  	
   

  	
  104

  
	
  Section 317(a) (1)

  	
   

  	
  505

  
	
  (a) (2)

  	
   

  	
  504

  
	
  (b)

  	
   

  	
  1003

  
	
  Section 318(a)

  	
   

  	
  108

  

 

Note:
This reconciliation and tie shall not, for any purpose, be deemed to be a part
of this Subordinated Indenture.

 

1

 

SUBORDINATED
INDENTURE, dated as of       , 2009 (the “Indenture”),
is made by and between SCBT FINANCIAL CORPORATION, a corporation duly organized
and existing under the laws of the State of South Carolina (the “Company”),
having its principal office at 520 Gervais Street, Columbia, South Carolina
29201 and [WILMINGTON TRUST COMPANY, a Delaware banking corporation], having
its principal office at [1100 N. Market Street, Wilmington, DE 19890], not in
its individual capacity but solely as Trustee (the “Trustee”).

 

RECITALS

 

The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured subordinated debentures,
notes or other evidences of indebtedness (the “Securities”), unlimited as to
principal amount, to bear such rates of interest, to mature at such time or
times, to be issued in one or more series and to have such other provisions as
shall be fixed as hereinafter provided.

 

The
Company has duly authorized the execution and delivery of this Indenture and
all things necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done.

 

This
Indenture is subject to the provisions of the Trust Indenture Act of 1939, as
amended, that are required to be part of this Indenture and shall, to the
extent applicable, be governed by such provisions.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of series thereof or
Coupons appertaining to any Securities, as follows:

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 101. Definitions

 

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

 

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

 

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

 

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

 

(4)                                 the words “herein”, “hereof”, “hereto” 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;

 

(5)                                 the word “or” is not exclusive;

 

(6)                                 all words in the singular include the plural
and all words in the plural include the singular; and

 

(7)                                 the word “including” means “including without
limitations.”

 

2

 

Certain
terms used principally in certain Articles hereof are defined in those
Articles.

 

“Act”,
when used with respect to any Holders, has the meaning specified in Section 104.

 

“Additional Amounts” means any additional amounts which are
required hereby or by any Security, under circumstances specified herein or
therein, to be paid by the Company in respect of certain taxes imposed on
Holders specified therein and which are owing to such Holders.

 

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

 

“Authenticating Agent” means any Person authorized by the
Trustee pursuant to Section 611 to act on behalf of the Trustee to
authenticate Securities of one or more series.

 

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

 

“Bank” means (i) any institution organized under the
laws of the United States, any State of the United States, the District of
Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa
or the Virgin Islands which (a) accepts deposits that the depositor has a
legal right to withdraw on demand, and (b) engages in the business of
making commercial loans and (ii) any trust company organized under any of
the foregoing laws.

 

“Bearer Security” means any Security in the form established
pursuant to Section 201 which is payable to bearer.

 

“Board Of Directors” means the board of directors of the
Company or any committee of that board duly authorized to act for the Company
hereunder.

 

“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, or a duly authorized committee thereof, and
to be in full force and effect on the date of such certification, and delivered
to the Trustee.

 

“Business Day” except as may otherwise be provided herein or
in any Security, means any day, other than a Saturday or a Sunday, that is
neither a Legal Holiday nor a day on which banking institutions are authorized
or required by law, regulation or executive order to close.

 

“Called Securities” means any Convertible Security that is
called for redemption by the Company.

 

“Capital Stock” means, as to shares of a particular
corporation, outstanding shares of stock of any class whether now or hereafter
authorized, irrespective of whether such class shall be limited to a fixed sum
or percentage in respect of the rights of the holders thereof to participate in
dividends and in the distribution of assets upon the voluntary liquidation,
dissolution or winding up of such corporation.

 

“Commission” means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934 or, if at any time after the execution of this Indenture such

 

3

 

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 Stock” means all shares now or hereafter authorized
of the class of common stock of the Company presently authorized and stock of
any other class into which such shares may hereafter have been changed.

 

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

 

“Company Request” and “Company Order” mean a written request
or order, as the case may be, signed in the name of the Company by the Chairman
of the Board of Directors, a Vice Chairman, the President or a Vice President,
and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary of the Company, and delivered to the Trustee.

 

“Subsidiary Bank” means any Subsidiary which is a Bank.

 

“Convertible Security” or “Convertible Securities” means any
Security or Securities, as the case may be, which are by their terms
convertible into Common Stock.

 

“Conversion Price” means the price per share of Common Stock
from time to time in effect at which any Convertible Security may be converted
into Common Stock as determined by or pursuant to the terms of this Indenture.

 

“Corporate Trust Office” means, the principal office of the
Trustee, at which at any particular time its corporate trust business shall be
administered, which office at the date of original execution of this Indenture
is located at [Rodney Square North, 1100 N. Market Street, Wilmington, DE
19890, Attention: Corporate Trust Administration].

 

“Corporation” includes corporations, associations, companies
and business trusts.

 

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

 

“Date of Conversion” with respect to any Convertible Security
or portion thereof to be converted, means the date on which such Convertible
Security shall be surrendered for conversion and notice given in accordance
with the provisions of Article Sixteen.

 

“Defaulted Interest” has the meaning specified in Section 308.

 

“Dollars” or “$” means a dollar or other equivalent unit in
the currency of the United States, except as may otherwise be provided herein
or in any Security.

 

“Event Of Default” has the meaning specified in Section 501.

 

“Government Obligations”, with respect to any Securities
unless otherwise specified herein or therein, means (i) direct obligations
of the United States of America or the government or governments which issued
the currency, currency unit or composite currency in which any Securities are
payable, 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 or such government or
governments which issued the currency, currency unit or composite currency in
which such Securities are payable, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America or such other government or governments, which, in either case, are not
callable or redeemable at the option of the issuer or issuers thereof, and
shall also include a depository receipt issued by a bank or trust company as
custodian with

 

4

 

respect to any such Government Obligation or
a specific payment of interest on or principal of any such Government
Obligation held by such custodian for the account of the holder of a depository
receipt, PROVIDED that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the
Government Obligation or the specific payment of interest on or principal of
the Government Obligation evidenced by such depository receipt.

 

“Holder”, in the case of any Registered Security, means the
Person in whose name such Security is registered in the Security Register and,
in the case of any Bearer Security, means the bearer thereof and, in the case
of any Coupon, means the bearer thereof.

 

“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 pursuant to the applicable
provisions hereof, and with respect to any Security shall include the terms of
such Securities established as contemplated by Section 301; PROVIDED,
HOWEVER, that, if at any time more than one Person is acting as Trustee under
this instrument, “INDENTURE” shall mean, with respect to any one or more series
of Securities for which such Person is Trustee, 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 pursuant to the applicable
provisions hereof and shall include the terms of the or those particular series
of Securities for which such Person is Trustee established as contemplated by Section 301,
exclusive, however, of any provisions or terms which relate solely to other
series of Securities for which such Person is Trustee, regardless of when such
terms or provisions were adopted, and exclusive of any provisions or terms
adopted by means of one or more indentures supplemental hereto executed and
delivered after such Person had become such Trustee but to which such Person,
as such Trustee, was not a party.

 

“Independent Public Accountants” means accountants or a firm
of accountants that are independent public accountants with respect to the
Company within the meaning of the Securities Act of 1933, as amended, and the rules and
regulations promulgated by the Commission thereunder who may be the independent
public accountants regularly retained by the Company or who may be other
independent public accountants. Such accountants or firm shall be entitled to
rely upon any Opinion of Counsel as to the interpretation of any legal matters
relating to the Indenture or certificates required to be provided hereunder.

 

“Interest”, with respect to any Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity and, with respect to any Security which provides for the
payment of Additional Amounts pursuant to Section 1004, includes such
Additional Amounts.

 

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

 

“Legal Holiday”, except as otherwise may be provided herein
or in any Securities, with respect to any Place of Payment or other location,
means a Saturday, a Sunday or a day on which banking institutions or trust
companies in such Place of Payment or other location are not authorized or
obligated to be open.

 

“Maturity”, with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, notice of redemption, notice of option to elect
repayment or otherwise.

 

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

 

“Opinion Of Counsel,” except as otherwise provided herein or
in any Security, means a written Opinion of Counsel, who may be an employee of
or counsel for the Company or other counsel.

 

5

 

“Original Issue Discount Security” means
a Security issued pursuant to this Indenture which provides for declaration of
an amount less than the principal thereof to be due and payable upon
acceleration pursuant to Section 502.

 

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

 

(i)            Securities theretofore cancelled by
the Trustee or the Security Registrar or delivered to the Trustee or the Security
Registrar for cancellation;

 

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

 

(iii)          Securities, except to the extent
provided in Section 403, with respect to which the Company has effected
defeasance and/or covenant defeasance pursuant to Section 403 hereof; and

 

(iv)          Securities which have been paid
pursuant to Section 307 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations
of the Company;

 

provided,
however, that in
determining whether the Holders of the requisite principal amount of
Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or are present at a meeting of
Holders of Securities for quorum purposes and for purposes of making the
calculations required by Section 313 of the Trust Indenture Act, (i) the
principal amount of an Original Issue Discount Security that may be counted in
making such determination or calculation and that shall be deemed to be
outstanding for such purposes shall be equal to the amount of the principal
thereof that pursuant to the terms of such Original Issue Discount Security
would be declared (or shall have been declared to be) due and payable upon a
declaration of acceleration pursuant to Section 502 at the time of such
determination or calculation, and (ii) the principal amount of any
Security denominated other than in Dollars that may be counted in making such
determination or calculation and that shall be deemed outstanding for such
purpose shall be equal to the Dollar equivalent, determined by the Company as
of the date such Security is originally issued by the Company, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent
as of such date of original issuance of the amount determined as provided in
clause (i) above) of such Security, and (iii) Securities owned by the
Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making any such calculation or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Securities and that the
pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or such other obligor.

 

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

 

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

 

6

 

“Place Of Payment”, with respect to any Security, means the
place or places where the principal of (and premium, if any) and interest on
the Securities of that series are payable as specified in or pursuant to Section 301(9) or
Section 1002.

 

“Predecessor Security” of any particular Security means every
previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 307 in
exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or
any Security to which a mutilated, destroyed, lost or stolen Coupon appertains
shall be deemed to evidence the same debt as the lost, destroyed, mutilated or
stolen Security or the Security to which a mutilated, destroyed, lost or stolen
Coupon appertains.

 

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

 

“Redemption Price”, with respect to any Security or portion
thereof to be redeemed, means the price at which it is to be redeemed as
determined by or pursuant to the provisions of this Indenture.

 

“Registered Security” means any Security established pursuant
to Section 201 which is registered and the transfer or exchange thereof is
registrable in the Security Register.

 

“Regular Record Date” for the interest payable on any
Registered Security on any Interest Payment Date therefor means the date, if
any, specified in such Security as the “Regular Record Date”.

 

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

 

“Security” or “Securities” means any Security or Securities,
as the case may be, authenticated and delivered under this Indenture; PROVIDED,
HOWEVER, that if at any time there is more than one Person acting as Trustee
under this Indenture, “Securities” with respect to the Indenture as to which
such Person is Trustee shall have the meaning stated in the first recital of
this Indenture and shall more particularly mean Securities authenticated and
delivered under this Indenture, exclusive, however, of Securities of any series
as to which such Person is not Trustee.

 

“Security Register” and “Security Registrar” have the
respective meanings specified in Section 306.

 

“Senior Indebtedness” means: (i) the principal and any
premium or interest for money borrowed or purchased by the Company; (ii) the
principal and any premium or interest for money borrowed or purchased by
another Person and guaranteed by the Company; (iii) any deferred
obligation for the payment of the purchase price of property or assets
evidenced by a note or similar agreement; (iv) an obligation arising from
direct credit substitutes; and (v) any obligation associated with
derivative products such as interest and foreign exchange rate contracts,
commodity contracts and similar arrangements; in each case, whether outstanding
on the date this Subordinated Indenture becomes effective, or created, assumed
or incurred after that date. Senior Indebtedness excludes any indebtedness
that: (a) expressly states that it is junior to, or ranks equally in right
of payment with, the Securities; or (b) is identified as junior to, or
equal in right of payment with, the Securities in any Board Resolution or in
any supplemental indenture.

 

“Special Record Date” for the payment of any Defaulted
Interest on any registered Security means a date fixed by the Trustee pursuant
to Section 308.

 

7

 

“Stated Maturity”, with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security or a Coupon representing such installment of interest as the
fixed date on which the principal of such Security or such installment of
principal or interest is due and payable.

 

“Subsidiary” means any corporation of which at the time of
determination the Company and/or one or more Subsidiaries owns or controls
directly or indirectly more than 50% of the shares of Voting Stock.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939
as in force at the date as of which this instrument was executed, except as
provided in Section 905.

 

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

 

“United States”, except as otherwise provided herein or in
any Security, means the United States of America (including the States and the
District of Columbia), its territories and possessions and other areas subject
to its jurisdiction.

 

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

 

“U.S. Depository” or “Depository” means, with respect to any
Security issuable or issued in the form of one or more global Securities, the
Person designated as U.S. Depository by the Company pursuant to Section 301,
which must be a clearing agency registered under the Securities Exchange Act of
1934, as amended, and, if so provided pursuant to Section 301 with respect
to any Security, any successor to such Person. If at any time there is more
than one such Person, “U.S. Depository” or “Depository” shall mean, with
respect to any Securities, the qualifying entity which has been appointed with
respect to such Securities.

 

“Vice President”, with respect to the Company or the Trustee,
means any vice president, whether or not designated by a number or a word or
words added before or after the title “Vice President”.

 

“Voting Stock” means stock of a corporation of the class or
classes having general voting power under ordinary circumstances to elect at
least a majority of the board of directors, managers or trustees of such
corporation provided that, for the purposes hereof, stock which carries only
the right to vote conditionally on the happening of an event shall not be
considered voting stock whether or not such event shall have happened.

 

Section 102. Compliance Certificates and Opinions.

 

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

 

8

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture and in any applicable Security (except Section 1005)
shall include:

 

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

 

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

 

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

 

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

 

Section 103. Form of Documents Delivered to Trustee.

 

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

 

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

 

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

 

Section 104. Acts of Holders.

 

(a)           Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by agent duly appointed in writing. If, but only if, Securities of a series are
issuable as Bearer Securities, any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and
held in accordance with the provisions of Article Fourteen, or a
combination of such instruments and any such record. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments and
any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such
instrument or instruments and so voting at any such meeting. Proof of execution
of any such instrument or of a writing appointing any such agent, or of the
holding by any Person of a Security, shall be

 

9

 

sufficient for any purpose of this Indenture
and (subject to Section 315 of the Trust Indenture Act) conclusive in
favor of the Trustee and the Company and any agent of the Trustee or the
Company, if made in the manner provided in this Section. The record of any
meeting of Holders of Securities shall be proved in the manner provided in Section 1406.

 

Without
limiting the generality of this Section 104, unless otherwise established
in or pursuant to a Board Resolution or set forth or determined in an Officers’
Certificate, or established in one or more indentures supplemental hereto,
pursuant to Section 301, a Holder, including a U.S. Depository that is a
Holder of a global Security, may make, give or take, by a proxy, or proxies,
duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in this Indenture to be made,
given or taken by Holders, and a U.S. Depository that is a Holder of a global
Security may provide its proxy or proxies to the beneficial owners of interests
in any such global Security through such U.S. Depository’s standing
instructions and customary practices.

 

The
Trustee shall fix a record date, which shall be not more than 30 days prior to
the first solicitation of such Holders, for the purpose of determining the
Persons who are beneficial owners of interest in any permanent global Security
held by a U.S. Depository entitled under the procedures of such U.S. Depository
to make, give or take, by a proxy or proxies duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other
action provided in this Indenture to be made, given or taken by Holders. If
such a record date is fixed, the Holders on such record date or their duly
appointed proxy or proxies, and only such Persons, shall be entitled to make,
give or take such request, demand, authorization, direction, notice, consent,
waiver or other action, whether or not such Holders remain Holders after such
record date. No such request, demand, authorization, direction, notice,
consent, waiver or other action shall be valid or effective if made, given or
taken more than 90 days after such record date.

 

(b)           The fact and date of the execution by
any Person of any such instrument or writing may be proved in any reasonable
manner which the Trustee deems sufficient and in accordance with such
reasonable rules as the Trustee may determine; and the Trustee may in any
instance require further proof with respect to any of the matters referred to
in this Section.

 

(c)           The ownership, principal amount and
serial numbers of Registered Securities held by any Person, and the date of the
commencement and the date of termination of holding the same, shall be proved
by the Security Register.

 

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

 

(e)           If the Company shall solicit from the
Holders of any Registered Securities any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may at its option,
by Board Resolutions, fix in advance a record date, which shall be not more
than 30 days prior to the first solicitation of such Holders, for the
determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other
Act, but the Company shall have no obligation to do so.

 

10

 

If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of Registered
Securities of record at the close of business on such record date shall be
deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the Outstanding Securities shall be
computed as of such record date; provided no such authorization, agreement or
consent of the Holders of Registered Securities 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.

 

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

 

Section 105. Notices, Etc., to Trustee and Company.

 

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

 

(1)           the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing to or with the Trustee at its Corporate Trust Office, or

 

(2)           the Company by the Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
the Company addressed to the attention of its Treasurer at the address of its
principal office specified in the first paragraph of this Indenture or at any
other address previously furnished in writing to a Responsible Officer of the
Trustee by the Company.

 

Section 106. Notice to Holders; Waiver.

 

Except
as otherwise expressly provided herein or in any Security, where this Indenture
provides for notice to Holders of any event,

 

(1)           such notice shall be sufficiently
given to Holders of Registered Securities if in writing and mailed, first-class
postage prepaid, to each Holder of a Registered Security affected by such
event, at his address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the
giving of such Notice; and

 

(2)           such notice shall be sufficiently
given to Holders of Bearer Securities, if any, if published in an Authorized
Newspaper and, if such Securities are then listed on any stock exchange outside
the United States, in an Authorized Newspaper in such city as the Company shall
advise the Trustee that such stock exchange so requires, on a Business Day at
least twice, the first such publication to be not earlier than the earliest
date and not later than the latest date prescribed for the giving of such
notice.

 

In
any case where notice to Holders of Registered Securities is given by mail,
neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Registered Security shall affect the
sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided herein. Any notice which is mailed in the manner herein provided
shall be conclusively presumed to have been duly given or provided. In the case
by reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

 

11

 

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

 

Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such
waiver.

 

Section 107. Language of Notices.

 

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

 

Section 108. Conflict With Trust Indenture Act.

 

If
any provision hereof limits, qualifies or conflicts with the duties imposed
pursuant to Section 318(c) of the Trust Indenture Act, such imposed
duties shall control.

 

Section 109. Effect of Headings and Table of Contents.

 

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

 

Section 110. Successors and Assigns.

 

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

 

Section 111. Separability Clause.

 

In
case any provision in this Indenture, any Security or any Coupon 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 112. Benefits Of Indenture.

 

Nothing
in this Indenture, any Security or any Coupon, express or implied, shall give
to any Person, other than the parties hereto, any Security Registrar, any
Paying Agent and their successors hereunder and the Holders of Securities or
Coupon, any benefit or any legal or equitable right, remedy or claim under this
Indenture.

 

Section 113. Governing Law.

 

This
Indenture, the Securities and the Coupons shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
or instruments entered into and, in each case, performed in said state.

 

12

 

Section 114. Legal Holidays.

 

In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of
any Security, or the last day on which a Holder has the right to convert these
Securities, is not a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture, any Security or Coupon
other than a provision in any Security or any Coupon that specifically states
that such provision shall apply in lieu of this Section) payment of interest or
any Additional Amounts or principal (and premium, if any) or conversion of the
Securities need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or
at the Stated Maturity, or the last such day of conversion, and no interest
shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

 

ARTICLE TWO

 

SECURITIES FORMS

 

Section 201. Forms Generally.

 

Each
Registered Security, Bearer Security, Coupon and temporary global Security
issued pursuant to this Indenture shall be in the form established by or
pursuant to a Board Resolution or in one or more indentures supplemental
hereto, shall have appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture or any indenture
supplemental hereto and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Security,
as evidenced by their execution of such Security.

 

Definitive
Securities and definitive Coupons shall be printed, lithographed or engraved or
produced by any combination of these methods on a steel engraved border or
steel engraved borders or may be produced in any other manner, all as
determined by the officers of the Company executing such Securities or Coupons,
as evidenced by their execution of such Securities or Coupons.

 

Section 202. Form of Trustee’s Certificate of Authentication.

 

Subject
to Section 611, the Trustee’s certificate of authentication shall be in
substantially the following form:

 

This
certificate represents Securities of the series designated therein referred to
in the within-mentioned Indenture.

 

	
  Dated:

  	
  [WILMINGTON
  TRUST COMPANY],

  
	
   

  	
  not
  in its individual capacity but solely as Trustee 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

 

Section 203. Securities in Global Form.

 

If
Securities of a series are issuable in global form, any such Security may
provide that it shall represent the aggregate amount of Outstanding Securities
of such series from time to time endorsed thereon and may also provide that the
aggregate amount of Outstanding Securities represented thereby may from time to
time be increased or reduced to reflect exchanges. Any endorsement of any
Security in global form to reflect the amount, or any increase or decrease in
the amount, or changes in the rights of Holders, of Outstanding Securities

 

13

 

represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the
Company Order to be delivered pursuant to Section 304 or 305 with respect
thereto. Subject to the provisions of Section 304 and, if applicable, Section 305,
the Trustee shall deliver and redeliver any Security in permanent global form in
the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order. If a Company Order pursuant to Section 304
or 305 has been, or simultaneously is, delivered, any instructions by the
Company with respect to a Security in global form shall be in writing but need
not comply with Section 102 and need not be accompanied by an Opinion of
Counsel.

 

The
provisions of the immediately preceding sentence shall apply to any Security
represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in
global form together with written instructions (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel) with regard to the
reduction in the principal amount of Securities represented thereby. 

 

Notwithstanding
the provisions of Section 308, unless otherwise specified as contemplated
by Section 301, payment of principal of and any premium and interest on
any Security in permanent global form shall be made to the Person or Persons
specified therein.

 

Notwithstanding
the provisions of Section 309, and except as provided in the preceding
paragraph, the Company, the Trustee and any agent of the Company and the
Trustee shall treat as the Holder of such principal amount of Outstanding
Securities represented by a permanent global Security (i) in the case of a
permanent global Security in registered form, the Holder of such permanent
global Security in registered form, or (ii) in the case of a permanent
global Security in bearer form, the Person or Persons specified pursuant to Section 301.

 

ARTICLE THREE

 

THE SECURITIES

 

Section 301. Amount Unlimited; Issuable in Series.

 

The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited. The Securities shall be
subordinated in right of payment to Senior Indebtedness as provided in Article Fifteen.

 

The
Securities may be issued in one or more series. There shall be established in
or pursuant to one or more Board Resolutions, and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto,

 

(1)                                  the title of the Securities and the series in
which such Securities shall be included;

 

(2)                                  any limit upon the aggregate principal amount
of the Securities of such title or the Securities of such series which may be
authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 305,
306, 307, 906, 1107 or 1502 or the terms of such Securities);

 

(3)                                  whether Securities of the series are to be
issuable as Registered Securities, Bearer Securities or both and, if the
Securities are to be issuable exclusively or alternatively as Bearer
Securities, whether the Bearer Securities are to be issuable with Coupons,
without Coupons or both, and any restrictions applicable to the offer, sale delivery
or conversion of the Bearer Securities and the terms, if any, upon which Bearer
Securities may be exchanged for Registered Securities and vice versa;

 

14

 

(4)                                  whether any Securities of the series are to
be issuable initially or otherwise in global form and, if so, (i) whether
beneficial owners of interests in any such global Security may exchange such
interest for Securities of such series and of like tenor of any authorized form
and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner specified in Section 306, (ii) the
name of the depository or the U.S. Depository, as the case may be, with respect
to any global Security and (iii) the manner in which interest payable on a
global Security will be paid;

 

(5)                                  the date as of which any Bearer Securities of
the series and any global Security representing Outstanding Securities of the
series shall be dated if other than the date of original issuance of the first
Security of the series to be issued;

 

(6)                                  if Securities of the series are to be
issuable as Bearer Securities, whether interest in respect of any portion of a
temporary Bearer Security in global form (representing all of the Outstanding
Bearer Securities of the series) payable in respect of an Interest Payment Date
prior to the exchange of such temporary Bearer Security for definitive
Securities of the series shall be paid to any clearing organization with respect
to the portion of such temporary Bearer Security held for its account and, in
such event, the terms and conditions (including any certification requirements)
upon which any such interest payment received by a clearing organization will
be credited to the Persons entitled to interest payable on such Interest
Payment Date;

 

(7)                                  the date or dates, or the method, if any, by
which such date or dates shall be determined, on which the principal of such
Securities is payable;

 

(8)                                  the rate or rates at which such Securities
shall bear interest, if any, or the method, if any, by which such rate or rates
are to be determined, the date or dates, if any, from which such interest shall
accrue or the method, if any, by which such date or dates are to be determined,
the Interest Payment Dates, if any, on which such interest shall be payable and
the Regular Record Date, if any, for the interest payable on Registered
Securities on any Interest Payment Date, whether and under what circumstances
Additional Amounts on such Securities or any of them shall be payable, and the
basis upon which interest shall be calculated if other than that of a 360-day
year of twelve 30-day months;

 

(9)                                  the place or places, if any, where the
principal of (and premium, if any) and interest (including Additional Amounts),
if any, on such Securities shall be payable, any Registered Securities of the
series may be surrendered for registration of transfer, Securities of the
series may be surrendered for exchange or conversion and notices or demands to
or upon the Company in respect of the Securities of the series and this
Indenture may be served;

 

(10)                            whether the Securities of the series or any of them are to be
redeemable at the option of the Company and, if so, the period or periods
within which, the price or prices at which and the other terms and conditions
upon which such Securities may be redeemed, in whole or in part, at the option
of the Company;

 

(11)                            whether the Company is obligated to redeem, or purchase Securities of
the series or any of them pursuant to any sinking fund or at the option of any
Holder thereof and, if so, the period or periods within which, the price or
prices at which and the other terms and conditions upon which such Securities
shall be redeemed or purchased, in whole or in part, pursuant to such
obligation, and any provisions for the remarketing of the Securities of the
series so redeemed or purchased;

 

(12)                            the denominations in which Registered Securities of the series, if any,
shall be issuable if other than denominations of $1,000 and any integral
multiple thereof, and the denominations in which

 

15

 

Bearer
Securities of the series, if any, shall be issuable if other than the
denomination of $5,000;

 

(13)                            if other than the principal amount thereof, the portion of the
principal amount of the Securities of the series of any of them which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502
or the method by which such portion is to be determined;

 

(14)                            if other than such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public or private debts,
the coin or currency, composite currencies or currency unit or units in which
payment of the principal of (and premium, if any) or interest, if any, on or
any Additional Amounts in respect of the Securities of the series or any of
them shall be payable;

 

(15)                            if the principal of (and premium, if any) or interest, if any, on or
any Additional Amounts in respect of the Securities of the series or any of
them are to be payable, at the election of the Company or a Holder thereof, in
a coin or currency, composite currencies or currency unit or units other than
that in which the Securities of the series or any of them are stated to be
payable, the period or periods within which, and the terms and conditions upon
which, such election may be made;

 

(16)                            whether the amount of payments of principal of (and premium, if any) or
interest (including Additional Amounts), if any, on the Securities of the
series may be determined with reference to an index, formula or other method
(which index, formula or method may be based, without limitation, on one or
more currencies, currency units, composite currencies, commodities, equity
indices or other indices), and, if so, the terms and conditions upon which and
the manner in which such amounts shall be determined and paid or payable;

 

(17)                            whether the principal of (and premium, if any) or interest (including
Additional Amounts), if any, on the Securities of the series are to be payable,
at the election of the Company or any Holder thereof or otherwise, in a
currency or currencies, currency unit or units or composite currency or
currencies other than that in which such Securities or any of them are
denominated or stated to be payable, the period or periods within which, and
the other terms and conditions upon which, such election, if any, may be made,
and the time and manner of determining the exchange rate between the currency
or currencies, currency unit or units or composite currency or currencies in
which such Securities or any of them are denominated or stated to be payable
and the currency or currencies, currency unit or units or composite currency or
currencies in which such Securities or any of them are to be so payable;

 

(18)                            any deletions from, modifications of or additions to the Events of
Default or covenants of the Company with respect to the Securities of the
series or any of them, whether or not such Events of Default or covenants are
consistent with the Events of Default or covenants set forth herein;

 

(19)                            the applicability, if any, of Section 403 to the Securities of the
series and any provisions in modification of, in addition to or in lieu of any of
the provisions of Section 403;

 

(20)                            if the Securities of the series or any of them are to be issued upon
the exercise of warrants, the time, manner and place for such Securities to be
authenticated and delivered;

 

(21)                            if the Securities of the series are to be issuable in definitive form
(whether upon original issue or upon exchange of a temporary Security of such
series) only upon receipt of certain certificates or other documents or
satisfaction of other conditions, then the form and terms of such certificates,
documents or conditions;

 

16

 

(22)                            if there is more than one Trustee, the identity of the Trustee and, if
not the Trustee, the identity of each Security Registrar, Paying Agent and/or
Authenticating Agent with respect to the Securities of the series;

 

(23)                            whether any of the Securities of a series shall be issued as Original
Issue Discount Securities; and

 

(24)                            any other terms of the Securities of the series or any of them.

 

All
Securities of any one series and Coupons appertaining to Bearer Securities of
such series, if any, shall be substantially identical except as to denomination
and the rate or rates of interest, if any, and Stated Maturity, the date from
which interest, if any, shall accrue and except as may otherwise be provided by
the Company in or pursuant to one or more Board Resolutions and set forth in
such Officers’ Certificate or in any indenture or indentures supplemental
hereto pertaining to such series of Securities. All Securities of any one
series need not be issued at the same time and, unless otherwise so provided by
the Company, a series may be reopened for issuances of additional Securities of
such series.

 

If
any of the terms of the Securities of any series were established by action
taken by or pursuant to a Board Resolution, the Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of such series.

 

Section 302. Denominations.

 

Unless
otherwise established with respect to any Securities pursuant to Section 301,
the Registered Securities of each series, if any, denominated in Dollars shall
be issuable in registered form without coupons in denominations of $1,000 and
any integral multiple thereof, and the Bearer Securities of each series, if
any, denominated in Dollars shall be issuable in the denomination of $1,000.
Securities not denominated in Dollars shall be issuable in such denominations
as are established with respect to such Securities pursuant to Section 301.

 

Section 303. Securities in Foreign Countries

 

Whenever
this Indenture provides for (i) any action by, or the determination of any
of the rights of, Holders of Securities of any series in which not all of such
Securities are denominated in the same currency, or (ii) any distribution
to Holders of Securities, in the absence of any provision to the contrary in
the form of Security of any particular series, any amount in respect of any
Security denominated in a currency other than United States dollars shall be
treated for any such action or distribution as that amount of United States
dollars that could be obtained for such amount on such reasonable basis of
exchange and as of the record date with respect to Registered Securities of
such series (if any) for such action, determination of rights or distribution
(or, if there shall be no applicable record date, such other date reasonably
proximate to the date of such action, determination of rights or distribution)
as the Company may specify in a written notice to the Trustee or, in the
absence of such written notice, as the Trustee may determine.

 

Section 304. Execution, Authentication, Delivery and Dating.

 

The
Securities and any Coupons appertaining thereto shall be executed on behalf of
the Company by its Chairman of the Board, Deputy Chairman, one of its Vice
Chairmen, its President or one of its Vice Presidents under its corporate seal
reproduced thereon and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities and any
Coupons appertaining thereto may be manual or facsimile.

 

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

 

17

 

At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series, together with any
Coupons appertaining thereto, executed by the Company, to the Trustee for
authentication, and, provided that the Board Resolution or Resolutions and
Officers’ Certificate or supplemental indenture or indentures with respect to
such Securities referred to in Section 301 and a Company Order for the
authentication and delivery of such Securities, has been delivered to the
Trustee, the Trustee in accordance with the Company Order and subject to the
provisions hereof of such Securities shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities and any
Coupons appertaining thereto, the Trustee shall be entitled to receive, and
(subject to Sections 315(a) through 315(b) of the Trust Indenture
Act) shall be fully protected in relying upon,

 

(1)           an Opinion of Counsel stating, to the
effect

 

(A)                              that the form or forms and terms of such Securities and Coupons, if
any, have been established in conformity with the provisions of this Indenture;

 

(B)                                that all conditions precedent to the authentication and delivery of
such Securities and Coupons, if any, appertaining thereto, have been complied
with and that such Securities, and Coupons, when completed by appropriate
insertion and executed and delivered by the Company to the Trustee for
authentication pursuant to this Indenture, and authenticated and delivered by
the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute legally valid
and binding obligations of the Company, enforceable against the Company in
accordance with their terms, subject to bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or other similar laws affecting the enforcement
of creditors’ rights generally, and subject to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law) and will entitle the Holders thereof to the benefits of the Indenture;
such Opinion of Counsel need express no opinion as to the availability of
equitable remedies;

 

(C)                                that all laws and requirements in respect of the execution and delivery
by the Company of such Securities and Coupons, if any, have been complied with;
and

 

(D)                               as to such other matters as the Trustee may reasonably request; and

 

(2)           an Officers’ Certificate stating
that, to the best knowledge of the Persons executing such certificate, no Event
of Default with respect to any of the Securities shall have occurred and be
continuing.

 

If
all the Securities of any series are not to be issued at one time, it shall not
be necessary to deliver an Opinion of Counsel and an Officers’ Certificate at
the time of issuance of each Security, but such opinion and certificate, with
appropriate modifications to cover future issuances, shall be delivered at or
before the time of issuance of the first Security of such series.

 

The
Trustee shall not be required to authenticate or to cause an Authenticating
Agent to authenticate any Securities if the issue of such Securities pursuant
to this Indenture will affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee or if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or if the
Trustee in good faith shall determine that such action would expose the Trustee
to personal liability to existing Holders.

 

Each
Registered Security shall be dated the date of its authentication. Each Bearer
Security and any temporary Bearer Security in global form shall be dated as of
the date specified as contemplated by Section 301.

 

18

 

No
Security or Coupon shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for in Section 202
or 611 executed by or on behalf of the Trustee by the manual signature of one
of its authorized officers, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Except as permitted by Section 307
or 308, the Trustee shall not authenticate and deliver any Bearer Security unless
all appurtenant Coupons for interest then matured have been detached and
cancelled.

 

Section 305. Temporary Securities.

 

Pending
the preparation of definitive Securities of any series, the Company may execute
and deliver to the Trustee and, upon Company Order the Trustee shall
authenticate and deliver, in the manner provided in Section 304, temporary
Securities of such series which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized, in bearer form with one or
more Coupons or without Coupons and with such appropriate insertions,
omissions, substitutions and other variations as the officers of the Company
executing such Securities may determine, as conclusively evidenced by their
execution of such Securities. In the case of Securities of any series, such
temporary Securities may be in global form.

 

Except
in the case of temporary Securities in global form, which shall be exchanged in
accordance with the provisions thereof, if temporary Securities of any series
are issued, the Company shall cause definitive Securities of such series to be
prepared without unreasonable delay. After the preparation of definitive
Securities of any series, the temporary Securities of such series, if any,
shall be exchangeable upon request for definitive Securities of such series
containing identical terms and provisions upon surrender of the temporary
Securities of such series at an office or agency of the Company maintained for
such purpose pursuant to Section 1002, without charge to any Holder. Upon
surrender for cancellation of any one or more temporary Securities of any
series (accompanied by any unmatured Coupons appertaining thereto), the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of authorized
denominations of the same series containing identical terms and provisions;
PROVIDED, HOWEVER, that no definitive Bearer Security, except as provided
pursuant to Section 301, shall be delivered in exchange for a temporary
Registered Security; and PROVIDED, FURTHER, that a definitive Bearer Security
shall be delivered in exchange for a temporary Bearer Security only in
compliance with the conditions set forth herein or therein. Unless otherwise
specified as contemplated by Section 301 with respect to a temporary
global Security, until so exchanged the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of such series.

 

Section 306. Registration, Transfer and Exchange.

 

With
respect to the Registered Securities of each series, if any, the Company shall
cause to be kept, at an office or agency of the Company maintained pursuant to Section 1002,
a register (each such register being herein sometimes referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Registered
Securities of each series and of transfers of the Registered Securities of such
series. In the event that the Trustee shall not be the Security Registrar, it
shall have the right to examine the Security Register at all reasonable times.
[SCBT Financial Corporation] is hereby initially appointed as Security
Registrar for each series of Securities. In the event that [SCBT Financial
Corporation] shall cease to be Security Registrar with respect to a series of
Securities, the Trustee shall have the right to examine the Security Register
for such series at all reasonable times.

 

Upon
surrender for registration of transfer of any Registered Security of any series
at any office or agency of the Company maintained for such series pursuant to Section 1002,
the Company shall execute, and the Trustee shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Registered Securities of the same series of any authorized denominations, of a
like aggregate principal amount bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

 

19

 

At
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series containing identical terms
and provisions, in any authorized denominations, and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged at any such
office or agency. Whenever any Registered Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Registered Securities which the Holder making the exchange is
entitled to receive.

 

If
specified as contemplated by Section 301 with respect to Securities of any
series, at the option of the Holder, Bearer Securities of such series may be
exchanged for Registered Securities of such series containing identical terms and
provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any such office or
agency for such series, with all unmatured Coupons and all matured Coupons in
default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in
default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount
equal to the face amount of such missing Coupon or Coupons, or the surrender of
such missing Coupon or Coupons may be waived by the Company and the Trustee if
there is furnished to them such Security or indemnity as they may require to
save each of them and any Paying Agent harmless. If thereafter the Holder of
such Security shall surrender to any Paying Agent any such missing Coupon in
respect of which such a payment shall have been made, such Holder shall be
entitled to receive the amount of such payment; PROVIDED, HOWEVER, that, except
as otherwise provided in Section 1002, interest represented by Coupons
shall be payable only upon presentation and surrender of those Coupons at an
office or agency for such series located outside the United States.
Notwithstanding the foregoing, in case a Bearer Security of any series is
surrendered at any such office or agency in exchange for a Registered Security
of such series and like tenor after the close of business at such office or agency
on (i) any Regular Record Date and before the opening of business at such
office or agency on the relevant Interest Payment Date, or (ii) any
Special Record Date and before the opening of business at such office or agency
on the related date for payment of Defaulted Interest, such Bearer Security
shall be surrendered without the Coupon relating to such Interest Payment Date
or proposed date of payment, as the case may be (or, if such Coupon is so
surrendered with such Bearer Security, such Coupon shall be returned to the
person so surrendering the Bearer Security), and interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such Coupon when due in accordance with the provisions of this
Indenture.

 

If
specified as contemplated by Section 301 with respect to Securities of any
series, at the option of the Holder, Registered Securities of such series may
be exchanged for Bearer Securities upon such terms and conditions as may be
provided pursuant hereto with respect to such series.

 

Whenever
any Securities are so surrendered for exchange as contemplated by the
immediately preceding two paragraphs, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

 

Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301,
any global Security of any series shall be exchangeable for Securities of such
series only if (i) the Securities Depository is at any time unwilling or
unable or ineligible to continue as Securities Depository and a successor
depository is not appointed by the Company within 90 days of the date the
Company is so notified in writing, (ii) the Company executes and delivers
to the Trustee a Company Order to the effect that such global Security shall be
so exchangeable, or (iii) an Event of Default has occurred and is
continuing with respect to the Securities. If the beneficial owners of
interests in a global Security are entitled to exchange such interests for
Securities of such series and of like tenor and principal amount of any
authorized form and denomination, as specified as contemplated by Section 301,
then without unnecessary delay but in any event not later than the earliest
date on which such interests may be so exchanged, the Company shall deliver to
the Trustee definitive Securities of that series in aggregate principal amount
equal to the principal amount of such global Security, executed by the Company.
On or after the earliest date on which such interests may be so exchanged, such
global Security shall be surrendered from time to time by the U.S. Depository
or such other depository as shall be specified in the

 

20

 

Company Order with respect thereto, and in
accordance with instructions given to the Trustee and the U.S. Depository or
such other depository, as the case may be (which instructions shall be in
writing but need not comply with Section 102 or be accompanied by an
Opinion of Counsel), as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company’s agent for such purpose, to be
exchanged, in whole or in part, for definitive Securities of the same series
without charge. The Trustee shall authenticate and make available for delivery,
in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such global
Security to be exchanged which (unless the Securities of such series are not
issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable
only in the form in which the Securities are issuable, as specified as
contemplated by Section 301) shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof; PROVIDED, HOWEVER, that no such exchanges may occur
during a period beginning at the opening of business 15 days before any
selection of Securities of such series to be redeemed and ending on the
relevant Redemption Date; and provided, further, that (unless otherwise
specified as contemplated by Section 301) no Bearer Security delivered in
exchange for a portion of a global Security shall be mailed or otherwise
delivered to any location in the United States. Promptly following any such
exchange in part, such global Security shall be returned by the Trustee to such
Depository or the U.S. Depository, as the case may be, or such other Depository
or U.S. Depository referred to above in accordance with the instructions of the
Company referred to above. If a Registered Security is issued in exchange for
any portion of a global Security after the close of business at the office or
agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for
payment of interest or Defaulted Interest, as the case may be, interest will
not be payable on such Interest Payment Date or proposed date for payment, as
the case may be, in respect of such Registered Security, but will be payable on
such Interest Payment Date or proposed date for payment, as the case may be,
only to the Person to whom interest in respect of such portion of such global
Security is payable in accordance with the provisions of this Indenture.

 

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

 

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

 

No
service charge shall be made for any registration of transfer or exchange,
redemption or conversion of Securities, but the Company may require payment of
a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 305, 906 or 1107 not
involving any transfer.

 

Except
as otherwise specified as contemplated by Section 301, the Company shall
not be required (i) to issue, register the transfer of or exchange any
Securities of any series during a period beginning at the opening of business
15 days before the day of the selection for redemption of Securities of such
series under Section 1103 and ending at the close of business on the day
of such selection, or (ii) to register the transfer of or exchange any
Registered Security so selected for redemption in whole or in part, except in
the case of any Security to be redeemed in part, the portion thereof not to be
redeemed, or (iii) to exchange any Bearer Security so selected for
redemption except, to the extent provided with respect to such Security, that
such a Bearer Security may be exchanged for a Registered Security of that
series, provided that such Registered Security shall be immediately surrendered
for redemption with written instruction for payment consistent with the
provisions of this Indenture or (iv) to issue, register the transfer of or
exchange any Security which, in accordance with its terms specified as

 

21

 

contemplated by Section 301, has been
surrendered for repayment at the option of the Holder, except the portion, if
any, of such Security not to be repaid.

 

Section 307. Mutilated, Destroyed, Lost and Stolen Securities.

 

If
any mutilated Security or a Security with a mutilated Coupon appertaining to it
is surrendered to the Trustee, subject to the provisions of this Section 307,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same series containing identical terms
and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons corresponding to the Coupons, if any, appertaining to
the surrendered Security.

 

If
there be delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or Coupon, and (ii) such
Security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security or Coupon has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Security or in exchange for the Security to which a
destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not
destroyed, lost or stolen, a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons corresponding to the Coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen Coupon appertains.

 

Notwithstanding
the foregoing provisions of this Section 307, in case any such mutilated,
destroyed, lost or stolen Security or Coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security or Coupon; PROVIDED, HOWEVER, that payment of
principal of (and premium, if any) and any interest on Bearer Securities shall,
except as otherwise provided in Section 1002, be payable only at an office
or agency located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be
payable only upon presentation and surrender of the Coupons appertaining
thereto.

 

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

 

Every
new Security of any series, with its Coupons, if any, issued pursuant to this Section in
lieu of any destroyed, lost or stolen Security and its Coupons, if any, or the
destroyed, lost or stolen Coupon shall constitute a separate obligation of the
Company, whether or not the destroyed, lost or stolen Security and its Coupons,
if any, or the destroyed, lost or stolen Coupon shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that
series and their Coupons, if any.

 

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

 

Section 308. Payment of Interest; Interest Rights Preserved.

 

Unless
otherwise specified as contemplated by Section 301, interest on any
Registered Security which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered as of the
close of business on the Regular Record Date for such interest. In case a Bearer
Security of any series is surrendered in exchange for a Registered Security of
such series after the close of business (at an office or agency in a Place of
Payment for such series) on any Regular Record Date and before the opening of
business (at such office or agency) on the next succeeding Interest Payment
Date, such Bearer Security shall be surrendered without the Coupon relating to
such

 

22

 

Interest Payment Date and interest will not
be payable on such Interest Payment Date in respect of the Registered Security
issued in exchange of such Bearer Security, but will be payable only to the
Holder of such Coupon when due in accordance with the provisions of this
Indenture.

 

Any
interest on any Registered Security of any series which shall be payable, but
shall not be punctually paid or duly provided for, on any Interest Payment Date
for such Registered Security (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder; and such Defaulted Interest may be paid
by the Company, at its election in each case, as provided in Clause (1) or
(2) below:

 

(1)           The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Registered
Securities affected (or their respective Predecessor Securities) are registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company
shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Registered Security and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit on or prior to the date of the proposed payment.
Money will be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this Clause provided. Thereupon, the Trustee shall fix
a Special Record Date for the payment of such Defaulted Interest which shall be
not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the
Company shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder of such Registered Securities at his address as it appears in
the Security Register not less than 10 days prior to such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Registered Securities (or
their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following Clause (2). In case a Bearer Security of any series is
surrendered at the office or agency in a Place of Payment for such series in
exchange for a Registered Security of such series after the close of business
at such office or agency on any Special Record Date and before the opening of
business at such office or agency on the related proposed date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the
Coupon relating to such proposed date of payment and Defaulted Interest will
not be payable on such proposed date of payment in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such Coupon when due in accordance with the provisions of this
Indenture.

 

(2)           The Company may make payment of any
Defaulted Interest in any other lawful manner not inconsistent with the
requirements of any Securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this
Clause, such payment shall be deemed practicable by the Trustee.

 

At
the option of the Company, interest on Registered Securities of any series that
bear interest may be paid by mailing a check to the address of the person
entitled thereto as such address shall appear in the Security Register.

 

Subject
to the foregoing provisions of this Section and Section 306, each
Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

 

Section 309. Persons Deemed Owners.

 

Prior
to due presentment of a Registered Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Registered Security is

 

23

 

registered as the owner of such Registered
Security for the purpose of receiving payment of principal of (and premium, if
any), and (subject to Sections 306 and 308) interest on or any Additional
Amounts with respect to, such Registered Security and for all other purposes
whatsoever, whether or not any payment with respect to such Registered Security
be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.

 

The
Company, the Trustee and any agent of the Company or the Trustee may treat the
bearer of any Bearer Security and the bearer of any Coupon as the absolute
owner of such Security or Coupon for the purpose of receiving payment thereof
or on account thereof and for all other purposes whatsoever, whether or not any
payment with respect to such Security or Coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

 

Section 310. Cancellation.

 

All
Securities and Coupons surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee or the Security Registrar, be
delivered to the Trustee or the Security Registrar, and any such Securities and
Coupons and Securities and Coupons surrendered directly to the Trustee or the
Security Registrar for any such purpose shall be promptly cancelled by the
Trustee or the Security Registrar, as the case may be. The Company may at any
time deliver to the Trustee or the Security Registrar for cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly cancelled by the Trustee or the Security Registrar, as the
case may be. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture or as otherwise specified as contemplated by Section 301.
All cancelled Securities and Coupons held by the Trustee or the Security
Registrar shall be returned to the Company by the Trustee or the Security
Registrar, as the case may be, upon a Company Order. The Trustee shall promptly
notify the Company of all cancelled Securities.

 

Section 311. Computation of Interest.

 

Except
as otherwise specified as contemplated by Section 301 for Securities of
any series, interest on the Securities of each series shall be computed on the
basis of 360-day year of twelve 30-day months.

 

Section 312. Cusip Numbers.

 

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

 

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE

 

Section 401. Satisfaction and Discharge of Indenture.

 

Upon
the direction of the Company by a Company Order, this Indenture shall cease to
be of further effect with respect to any series of Securities specified in such
Company Order (except as to any surviving rights of registration of transfer or
exchange of Securities of such series herein expressly provided for and any
right to receive Additional Amounts, as provided in Section 1004), and the
Trustee, on receipt of a Company Order, at

 

24

 

the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
as to such series, when

 

(1)           either

 

(A)                              all Securities of such series theretofore authenticated and delivered
and all Coupons appertaining thereto (other than (i) Coupons appertaining
to Bearer Securities of such series surrendered for exchange for Registered
Securities of such series and maturing after such exchange, whose surrender is
not required or has been waived as provided in Section 306, (ii) Securities
and Coupons of such series which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 307, (iii) Coupons
appertaining to Securities of such series called for redemption and maturing
after the relevant Redemption Date, whose surrender has been waived as provided
in Section 1107, and (iv) Securities and Coupons of such series for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in Section 1003) have been delivered to the
Trustee for cancellation; or

 

(B)                                all Securities of such series and, in the case of (i) or (ii) below,
any such Coupons appertaining thereto not theretofore delivered to the Trustee
for cancellation

 

(i)                                     have become due and payable, or

 

(ii)                                  will become due and payable at their Stated
Maturity within one year and such Securities are not convertible into other
Securities, or

 

(iii)                               if redeemable at the option of the Company, such Securities are not
convertible into other Securities and are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the
Company,

 

and
the Company, in the case of (i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for the
purpose, lawful money of the United States Government Obligations which through
the payment of interest and principal or other amounts in respect thereof in
accordance with their terms will provide not later than the opening of business
on the due dates of any payment of principal (and premium, if any) and
interest, or any Additional Amounts with respect thereto, or a combination
thereof, in an amount sufficient to pay and discharge the entire indebtedness
on such Securities and Coupons not theretofore delivered to the Trustee for
cancellation, for principal (and premium, if any) and interest, or any
Additional Amounts with respect thereto, to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity
or Redemption Date, as the case may be;

 

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

 

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

 

In
the event there are two or more Trustees hereunder, then the effectiveness of
any such instrument shall be conditioned upon receipt of such instruments from
all Trustees hereunder.

 

25

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 606 and, if money shall have been
deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the
last paragraph of Section 1003 shall survive such satisfaction and
discharge.

 

Section 402. Application of Trust Money.

 

Subject
to the provisions of the last paragraph of Section 1003, all money
deposited with the Trustee pursuant to Section 401 or this section 402
shall be held in trust and applied by it, in accordance with the provisions of
the Securities, the Coupons and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any) and any interest or any Additional Amounts for
whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law.

 

All
monies deposited with the Trustee pursuant to Section 401 (and held by it
or any Paying Agent) for the payment of Securities subsequently converted shall
be returned to the Company upon Company Request.

 

Section 403. Satisfaction, Discharge and Defeasance of Securities
of Any Series.

 

If
pursuant to Section 301 provision is made for defeasance of Securities of
any series pursuant to Section 403, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the Outstanding Securities
of such series and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of such
indebtedness, when

 

(1)           either

 

(A)                              with respect to all Outstanding Securities of such series and any
Coupons appertaining thereto,

 

(i)                                     the Company has deposited or caused to be
deposited with the Trustee, as trust funds in trust for such purpose, an amount
sufficient to pay and discharge the entire indebtedness on all Outstanding
Securities of such series for principal (and premium, if any), any Additional
Amounts, and interest to the Stated Maturity or any Redemption Date as
contemplated by the penultimate paragraph of this Section 403, as the case
may be; or

 

(ii)                                  with respect to any Series of Securities
which are denominated in United States dollars, the Company has deposited or
caused to be deposited with the Trustee, as obligations in trust for such
purpose, such amount of direct obligations of, or obligations the timely
payment of the principal of and interest on which are fully guaranteed by, the
United States of America and which are not callable at the option of the issuer
thereof as will, together with the income to accrue thereon without
consideration of any reinvestment thereof, be sufficient to pay and discharge
the entire indebtedness on all Outstanding Securities of such series for
principal (and premium, if any), any Additional Amounts, and interest to the
stated Maturity or any Redemption Date as contemplated by the penultimate
paragraph of this Section 403; or

 

(B)                                the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 301, to be applicable
to the Securities of such series; and

 

26

 

(2)                                  the Company has paid or caused to be paid all
other sums payable hereunder with respect to the Outstanding Securities of such
series; and

 

(3)                                  the Company has delivered to the Trustee a
certificate signed by a nationally recognized firm of Independent Public
Accountants certifying as to the sufficiency of the amounts deposited pursuant
to subsections (A) (i) or (ii) of this Section for payment
of the principal (and premium, if any) and interest on the dates such payments
are due, an Officers’ Certificate and an Opinion of Counsel, each such
Certificate and opinion stating that no Event of Default or event which with
notice or lapse of time or both would become an Event of Default with respect
to such Securities shall have occurred and all conditions precedent herein
provided for relating to the satisfaction and discharge of the entire
indebtedness on all Outstanding Securities of any such series have been complied
with; and

 

(4)                                  the Company has delivered to the Trustee

 

(A)                              a ruling from the Internal Revenue Service or an opinion of independent
counsel that the holders of the Securities of such series will not recognize
income, gain or loss for Federal income tax purposes as a result of such
deposit, defeasance and discharge and will be subject to Federal income tax on
the same amount and in the same manner and at the same times, as would have
been the case if such deposit, defeasance and discharge had not occurred; and

 

(B)                                if the Securities of such series are then listed on the Nasdaq Global
Select Market, an Opinion of Counsel that the Securities of such series will
not be delisted as a result of the exercise of this option.

 

Any
deposits with the Trustee referred to in subsection (1) (A) of this Section shall
be irrevocable and shall be made under the terms of an escrow trust agreement
in form and substance satisfactory to the Trustee. If any Outstanding
Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption or repayment provisions or in
accordance with any mandatory sinking fund requirement, the Company shall make
such arrangements as are satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company.

 

Upon
the satisfaction of the conditions set forth in this Section 403 with
respect to all the Outstanding Securities of any series, the terms and
conditions of such series, including the terms and conditions with respect
thereto set forth in this Indenture, other than the provisions of Sections 306,
307, and 1002, other than the right of Holders of Securities and any Coupons of
such series to receive, from the trust fund described in this Section, payment
of the principal (and premium, if any) of, the interest on or any Additional
Amounts with respect to such Securities and Coupons (if any) appertaining
thereto when such payments are due, other than any right of conversion of such
Securities and the rights, powers, duties and immunities of the Trustee
hereunder, shall no longer be binding upon, or applicable to, the Company
except those responsibilities and obligations which by the terms of the
Indenture survive the termination of the Indenture; PROVIDED that the Company
shall not be discharged from any payment obligations in respect of Securities
of such series which are deemed not to be Outstanding under clause (iii) of
the definition thereof if such obligations continue to be valid obligations of
the Company under applicable law.

 

ARTICLE FIVE

 

REMEDIES

 

Section 501. Events of Default.

 

“Event
of Default”, wherever used herein with respect to Securities of any series,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or be effected

 

27

 

by operation of law pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

 

(1)           a court having jurisdiction in the
premises shall enter a decree or order for relief in respect of the Company or
the Subsidiary Bank in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, and adjudging it a
bankrupt or insolvent or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Company or the
Subsidiary Bank or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and such decree or order shall remain
unstayed and in effect for a period of 60 consecutive days; or

 

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

 

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

 

Section 502. Acceleration of Maturity; Rescission and Annulment.

 

If
an Event of Default with respect to Securities of any series at the time
outstanding occurs and is continuing, then the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of that series
may declare the principal of all the Securities of that series, or such lesser
amount as may be provided for in the Securities of that series, to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by the Holders), and upon any such declaration such principal or such
lesser amount shall become immediately due and payable.

 

At
any time after such a declaration of acceleration with respect to Securities of
any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article provided,
the Holders of not less than a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if

 

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

 

(A)                              all overdue installments of interest on and any Additional Amounts
payable in respect of all Securities of such series,

 

(B)                                the principal of (and premium, if any, on) any Securities of such
series which have become due otherwise than by such declaration of acceleration
and interest thereon at the rate or rates borne by or provided for in such
Securities,

 

(C)                                to the extent that payment of such interest is lawful, interest upon
overdue installments of interest or any Additional Amounts at the rate or rates
borne by or provided for in such Securities, and

 

28

 

(D)                               all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel as provided in Section 606 hereof; and

 

(2)                                  all Events of Default with respect to
Securities of such series, have been cured or waived as provided in Section 513.

 

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

 

Section 503. Collection of Indebtedness and Suits For Enforcement
By Trustee.

 

The
Company covenants that if

 

(1)                                  default is made in the payment of any
installment of interest on or any Additional Amounts payable in respect of any
Security when such interest or Additional Amounts shall have become due and
payable and such default continues for a period of 30 days, or

 

(2)                                  default is made in the payment of the
principal of (or premium, if any, on) any Security at its Maturity,

 

then
the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities and any Coupons appertaining thereto, the whole
amount then due and payable on such Securities and Coupons for principal (and
premium, if any) and interest or Additional Amounts, if any, with interest upon
the overdue principal (and premium, if any) and, to the extent that payment of
such interest shall be legally enforceable, upon overdue installments of interest
or any Additional Amounts, at the rate or rates borne by or provided for in
such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

 

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, and may prosecute
such proceeding to judgment or final decree, and may enforce the same against
the Company or any other obligor upon such Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities, wherever
situated.

 

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

 

Section 504. Trustee May File Proofs of Claim.

 

In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company
for the payment of any overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise,

 

29

 

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

 

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

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder of Securities or Coupons to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments
directly to the Holders of Securities or Coupons, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the
Trustee under Section 606.

 

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

 

Section 505. Trustee May Enforce Claims Without Possession of
Securities or Coupons.

 

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

 

Section 506. Application of Money Collected.

 

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

 

FIRST:                                                           To the payment of all amounts due the Trustee
and any predecessor Trustee under Section 606;

 

SECOND:                                            To the payment of the amounts then due and unpaid
upon the Securities and Coupons for principal (and premium, if any) and
interest or any Additional Amounts payable 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 aggregate amounts due and payable on
such Securities and Coupons for principal (and premium, if any), interest or
any Additional Amounts, respectively;

 

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

 

30

 

Section 507. Limitation on Suits.

 

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

 

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

 

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

 

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

 

(4)                                  the Trustee for 60 days after its receipt of
such notice, request and offer of indemnity has failed to institute any such
proceeding; and

 

(5)                                  no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders
of a majority in principal amount of the Outstanding Securities of such series;

 

it
being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture or any Security to affect, disturb or prejudice the rights of
any other such Holders or Holders of Securities of any other series, or to
obtain or to seek to obtain priority or preference over any other Holders or to
enforce any right under this Indenture, except in the manner herein provided
and for the equal and ratable benefit of all such Holders.

 

Section 508. Unconditional Right of Holders to Receive Principal,
Premium, Interest and Additional Amounts.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security or coupon
shall have the right, which is absolute and unconditional, to receive payment
of the principal of (and premium, if any) and (subject to Sections 306 and 308)
interest on or any Additional Amounts in respect of such Security or payment of
such Coupon on the respective Stated Maturity or Maturities specified in such
Security or Coupon (or, in the case of redemption, on the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

 

Section 509. Restoration of Rights and Remedies.

 

If
the Trustee or any Holder of a Security or Coupon has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case the Company, the
Trustee and each such Holder shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions
hereunder, and thereafter all rights and remedies of the Trustee and each such
Holder shall continue as though no such proceeding had been instituted.

 

Section 510. Rights and Remedies Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or Coupons in the last paragraph of Section 307,
no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders of a Security or Coupon is intended to be exclusive of any other right
or remedy, and every right and remedy, to the extent permitted by law, shall be
cumulative and in addition to every

 

31

 

other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

 

Section 511. Delay or Omission Not Waiver.

 

No
delay or omission of the Trustee or of any Holder of any Security or coupon to
exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to the Holders of Securities or Coupons may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders of Securities or Coupons, as the case may be.

 

Section 512. Control By Holders.

 

The
Holders of a majority in principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust
or power conferred on the Trustee with respect to the Securities of such series
and any Coupons appertaining thereto, PROVIDED that

 

(1)                                  such direction shall not be in conflict with
any rule of law or with this Indenture,

 

(2)                                  the Trustee may take any other action deemed
proper by the Trustee which is not inconsistent with such direction, and

 

(3)                                  such direction is not unduly prejudicial to
the rights of other Holders of Securities of such series.

 

Section 513. Waiver of Past Defaults.

 

The
Holders of not less than a majority in principal amount of the outstanding
Securities of any series may on behalf of the Holders of all the Securities of
such Series and any Coupons appertaining thereto waive any past default
hereunder with respect to such series and its consequences, except a default

 

(1)                                  in the payment of the principal of (and
premium, if any) or interest on or Additional Amounts payable in respect of any
Security of such series or any Coupons appertaining thereto, or

 

(2)                                  in respect of a covenant or provision hereof
which under Article Nine cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected.

 

Upon
any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon.

 

Section 514. Waiver of Stay or Extension Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay or extension law wherever enacted, now or
at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law and covenants that it will not hinder, delay or impede the execution of any
power

 

32

 

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 SIX

 

THE TRUSTEE

 

Section 601. Notice of Defaults.

 

Within
90 days after the occurrence of any default hereunder with respect to the
Securities of any series, the Trustee shall transmit to the Holders in the
manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, notice of such default hereunder known to a Responsible Officer
of the Trustee, 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
of (or premium, if any) or interest on, or any Additional Amounts with respect
to, any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, 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 directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such
notice is in the interests of the Holders of Securities and Coupons of such
series.

 

Section 602. Certain Rights of Trustee.

 

Subject
to the provisions of Sections 315(a) through 315(d) of the Trust
Indenture Act:

 

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

 

(2)                                  any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or a
Company Order (other than delivery of any Security, together with any Coupons
appertaining thereto to the Trustee for authentication and delivery pursuant to
Section 304 which shall be sufficiently evidenced as provided therein) and
any resolution of the Board of Directors may be sufficiently evidenced by a
Board Resolution or Board Resolutions;

 

(3)                                  whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, conclusively rely upon an Officers’
Certificate;

 

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

 

(5)                                  the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities of any series or any
Coupons appertaining thereto pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable Security or indemnity satisfactory
to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction;

 

(6)                                  the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to

 

33

 

examine
the books, records and premises of the Company, personally or by agent or
attorney at the sole cost to the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation;

 

(7)                                  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;

 

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

 

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

 

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

 

Section 603. Not Responsible For Recitals or Issuance of
Securities.

 

The
recitals contained herein and in the Securities, except the Trustee’s
certificate of authentication, and in any coupons shall be taken as the
statements of the Company and neither the Trustee nor any Authenticating Agent
assumes responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or Coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility and Qualification on Form T-l supplied to the
Company are true and accurate, subject to the qualifications set forth therein.
The Trustee or any Authenticating Agent shall not be accountable for the use or
application by the Company of Securities or the proceeds thereof.

 

Section 604. May Hold Securities.

 

The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or
any other Person that may be an agent of the Trustee or the Company, in its
individual or any other capacity, may become the owner or pledgee of Securities
and Coupons and, subject to Sections 310(b) and 311 of the Trust Indenture
Act, may otherwise deal with the Company with the same rights it would have if
it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other Person.

 

Section 605. Money Held In Trust.

 

Money
held by the Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law and shall be held uninvested. The Trustee
shall be under no liability for interest on any money received by it hereunder.

 

Section 606. Compensation and Reimbursement.

 

The
Company agrees

 

34

 

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

 

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

 

(3)                                  to indemnify each of the Trustee and any
predecessor Trustee and its agents for, and to hold them harmless against, any
loss, liability, claim, damage or expense including taxes (other than taxes
based upon, measured by or determined by the income of the Trustee) incurred
without negligence or bad faith on their part, arising out of or in connection
with the acceptance or administration of the trust or trusts hereunder, including
the costs and expenses of defending themselves against any claim or liability
in connection with the exercise or performance of any of their powers or duties
hereunder.

 

As
Security for the performance of the obligations of the Company under this Section,
the Trustee shall have a lien prior to the Securities of any series upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the payment of principal of (or premium, if any) or interest on
Securities. When the Trustee incurs expenses or renders services after an Event
of Default occurs, the expenses and compensation for the services of the
Trustee are intended to constitute expenses of administration under any
bankruptcy law or any similar federal or state law for the relief of debtors.

 

The
provisions of this Section 606 shall survive the termination of this
Indenture and the resignation or removal of the Trustee.

 

Section 607. Corporate Trustee Required; Eligibility; Conflicting
Interests.

 

There
shall at all times be a Trustee hereunder that is a corporation permitted by Section 310(a) (1) and
(5) of the Trust Indenture Act to act as trustee under the Trust Indenture
Act and that has a combined capital and surplus (computed in accordance with Section 310(a) (2) of
the Trust Indenture Act) of at least $50,000,000. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter
specified in this Article. If the Trustee has or shall acquire any conflicting
interest, as defined in Section 310(b) of the Trust Indenture Act,
with respect to the Securities of any series, the Trustee shall take such
action as is required pursuant to said Section 310(b).

 

Section 608. Resignation and Removal; Appointment of Successor.

 

(a)           No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee
pursuant to Section 609.

 

(b)           The Trustee may resign at any time
with respect to the Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by a successor Trustee
required by Section 609 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning
Trustee may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to such
series.

 

(c)           The Trustee may be removed at any
time with respect to the Securities of any series by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and the Company. If an instrument of acceptance by a
successor Trustee shall not have been delivered to

 

35

 

the Trustee within 30 days after the giving
of such notice of removal, the Trustee being removed may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

(d)           If at any time:

 

(1)                                 the Trustee shall fail to comply with the
obligations imposed upon it under Section 310(b) of the Trust
Indenture Act after written request therefor by the Company or by any Holder of
a Security who has been a bona fide Holder of a Security for at least six
months, or

 

(2)                                 the Trustee shall cease to be eligible under Section 607
and shall fail to resign after written request therefor by the Company or by
any such Holder of a Security, or

 

(3)                                 the Trustee shall become incapable of acting
or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of
its property shall be appointed or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,

 

then,
in any such case, (a) the Company, by or pursuant to Board Resolution, may
remove the Trustee with respect to all Securities, or (b) subject to Section 315(c) of
the Trust Indenture Act any Holder of a Security who has been a bona fide
Holder of a Security of any series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities of
such series and the appointment of a successor Trustee or Trustees.

 

(e)           If the Trustee shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause, with respect to the Securities of one or more
series, the Company, by or pursuant to Board Resolutions, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that
or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series
and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 609. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 609, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been
so appointed by the Company or the Holders of Securities and accepted
appointment in the manner required by Section 609, any Holder of a
Security who has been a bona fide Holder of a Security of such series for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

 

(f)            The Company shall give notice of
each resignation and each removal of the Trustee with respect to the Securities
of any series and each appointment of a successor Trustee with respect to the
Securities of any series by mailing written notice of such event by first-class
mail, postage prepaid, to the Holders of Registered Securities, if any, of such
series as their names and addresses appear in the Security Register and, if
Securities of such series are issued as Bearer Securities, by publishing notice
of such event once in an Authorized Newspaper in each Place of Payment located
outside the United States. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its
Corporate Trust Office.

 

36

 

Section 609. Acceptance of Appointment By Successor.

 

(a)           In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and
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 and/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, subject nevertheless to its claim, if any, provided for in Section 606.

 

(b)           In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same
trust, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for any notice given to,
or received by, or any act or failure to act on the part of any other Trustee
hereunder, and upon the execution and delivery of such supplemental indenture
the resignation or removal of the retiring Trustee shall become effective to
the extent provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture other than as hereinafter expressly set forth, and
each such successor Trustee without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates.

 

(c)           Upon request of any such successor
Trustee, the Company shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be.

 

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

 

Section 610. Merger, Conversion, Consolidation or Succession to
Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such

 

37

 

authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

Section 611. Appointment of Authenticating Agent.

 

The
Trustee may appoint an Authenticating Agent or Authenticating Agents, which may
be an Affiliate of the Company, with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to
authenticate Securities of that or those series issued upon original issue or
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 307, and Securities 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. Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed
to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.

 

Each
Authenticating Agent shall be acceptable to the Company and, except as
specified as contemplated by Section 301, shall at all times be a
corporation that would be permitted by Section 310(a) (1) and (5) of
the Trust Indenture Act to be able to act as a trustee under an indenture qualified
under the Trust Indenture Act, is authorized under applicable law and by its
charter to act as such and that has a combined capital and surplus (computed in
accordance with Section 310(a) (2) of the Trust Indenture Act)
of not less that $50,000,000. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section. If the Authenticating Agent has or shall acquire any
conflicting interest, as defined in Section 310(b) of the Trust
Indenture Act, with respect to the Securities of any series, the Authenticating
Agent shall take action as is required pursuant to said Section 310 (b).

 

Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be
a party, or any corporation succeeding to the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

 

An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and the Company. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, the Trustee may appoint a successor Authenticating Agent which
shall be acceptable to the Company and shall (i) mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders of
Registered Securities, if any, of the series with respect to which such
Authenticating Agent will serve, as their names and addresses appear in the
Security Register, and (ii) if Securities of the series are issued as
Bearer Securities, publish notice of such appointment at least once in an
Authorized Newspaper in the place where such successor Authenticating Agent has
its principal office if such office is located outside the United States. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section.

 

The
Company agrees to pay each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

 

The
provisions of Sections 309, 603 and 604 shall be applicable to each
Authenticating Agent.

 

38

 

If
an appointment with respect to one or more series is made pursuant to this
Section, the Securities of such series may have endorsed thereon, in addition
to or in lieu of the Trustee’s certificate of authentication, an alternate certificate
of authentication in the following form:

 

This
certificate represents Securities of the series designated herein referred to
in the within-mentioned Indenture.

 

	
   

  	
  Dated:
  [WILMINGTON TRUST COMPANY],

  
	
   

  	
  not
  in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

If
all of the Securities of any series may not be originally issued at one time,
and if the Trustee does not have an office capable of authenticating Securities
upon original issuance located in a Place of Payment where the Company wishes
to have Securities of such series authenticated upon original issuance, the
Trustee, if so requested in writing (which writing need not comply with Section 102)
by the Company, shall appoint in accordance with this Section an
Authenticating Agent having an office in a Place of Payment designated by the
Company with respect to such series of Securities.

 

ARTICLE SEVEN

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 701. Company to Furnish Trustee Names and Addresses of
Holders.

 

In
accordance with Section 312(a) of the Trust Indenture Act, the
Company will furnish or cause to be furnished to the Trustee

 

(1)                                 semi-annually, not later than 15 days after
the Regular Record Date for interest for each series of Securities, a list, in
such form as the Trustee may reasonably require, of the names and addresses of
the Holders of Registered Securities of such series as of such Regular Record
Date, or if there is no Regular Record Date for interest for such series of
Securities, semi-annually, upon such dates as are set forth in the Board
Resolution or indenture supplemental hereto authorizing such series, and

 

(2)                                 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 so long
as the Trustee is the Security Registrar no such list shall be required to be
furnished.

 

Section 702. Preservation of Information; Communications to
Holders.

 

(a)           The Trustee shall comply with the
obligations imposed upon it pursuant to Section 312 of the Trust Indenture
Act.

 

39

 

(b)           Every Holder of Securities or
Coupons, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any Paying Agent nor any
Security Registrar shall be held accountable by reason of the disclosure of any
such information as to the names and addresses of the Holders of Securities in
accordance with Section 312 of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request
made under Section 312(b) of the Trust Indenture Act.

 

Section 703. Reports By Trustee.

 

(a)           Within 60 days after May 15 of
each year commencing with the year following the first issuance of Securities
pursuant to Section 301, if required by Section 313(a) of the
Trust Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of
the Trust Indenture Act a brief report dated as of such May 15 with
respect to any of the events specified in said Section 313(a) which
may have occurred since the later of the immediately preceding May 15 and
the date of this Indenture.

 

(b)           The Trustee shall transmit the
reports required by Section 313(a) of the Trust Indenture Act at the
times specified therein.

 

(c)           Reports pursuant to this Section shall
be transmitted in the manner and to the Persons required by Sections 313(c) and
(d) of the Trust Indenture Act.

 

Section 704. Reports By Company.

 

The
Company, pursuant to Section 314(a) of the Trust Indenture Act,
shall:

 

(1)                                 file with the Trustee, within 15 days after
the Company actually files the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934; or, if the Company is not required to file
information, documents or reports pursuant to either of said Sections, then it
shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to Section 13 of the Securities Exchange Act of 1934 in
respect of a Security listed and registered on a national Securities exchange
as may be prescribed from time to time in such rules and regulations;

 

(2)                                 file with the Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to
compliance by the Company with respect to compliance by such obligor with the
conditions and covenants of this Indenture as may be required from time to time
by such rules and regulations; and

 

(3)                                 transmit within 30 days after the actual
filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of
the Trust Indenture Act, such summaries of any information, documents and
reports required to be filed by the Company pursuant to paragraphs (1) and
(2) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission; and

 

(4)                                 transmit within 90 days of December 31
of each year to the Trustee, a brief certificate from the principal executive
officer, principal financial officer or principal accounting officer of the
Company as to his or her knowledge of such obligor’s compliance with all
conditions and

 

40

 

covenants
under the Indenture as determined without regard to any period of grace or
requirement of notice provided under the Indenture.

 

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

 

ARTICLE EIGHT

 

CONSOLIDATION, MERGER AND SALES

 

Section 801. Company May Consolidate Etc., Only on Certain
Terms.

 

Nothing
contained in this Indenture or in any of the Securities shall prevent any
consolidation or merger of the Company with or into any other Person or Persons
(whether or not affiliated with the Company), or successive consolidations or
mergers in which the Company or its successor or successors shall be a party or
parties, or shall prevent any conveyance, transfer or lease of the property of
the Company as an entirety or substantially as an entirety, to any other Person
(whether or not affiliated with the Company); PROVIDED, HOWEVER, that:

 

(1)                                 in case the Company shall consolidate with or
merge into another Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, the entity formed by such
consolidation or into which the Company is merged or the Person which acquires
by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety shall be a corporation organized and
existing under the laws of the United States of America, any State thereof or
the District of Columbia and shall expressly assume, by an indenture (or
indentures, if at such time there is more than one Trustee) supplemental
hereto, executed and delivered by the successor Person to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
(and premium, if any) and interest on or any Additional Amounts in respect of
all the Securities and the performance of every other covenant of this
Indenture on the part of the Company to be performed or observed;

 

(2)                                 immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the
Company or a Subsidiary as a result of such transaction as having been incurred
by the Company or such Subsidiary at the time of such transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, shall have happened and be continuing; and

 

(3)                                 each of the Company and the successor Person
has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and such supplemental indenture comply with this Article and that
all conditions precedent herein provided for relating to such transaction have
been complied with.

 

Section 802. Successor Corporation Substituted For Company.

 

Upon
any consolidation or merger or any conveyance, transfer or lease of the
properties and assets of the Company substantially as an entirety to any Person
in accordance with Section 801, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease to another Person, the
predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Securities and the Coupons.

 

41

 

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

Section 901. Supplemental Indentures Without Consent of Holders.

 

Without
the consent of any Holders of Securities or Coupons, the Company, when
authorized by Board Resolutions, and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

 

(1)                                 to evidence the succession of another Person
to the Company, and the assumption by any such successor of the covenants of
the Company herein and in the Securities;

 

(2)                                 to add to the covenants of the Company for
the benefit of the Holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the
Company;

 

(3)                                 to add to or change any of the provisions of
this Indenture to provide that Bearer Securities may be registrable as to
principal, to change or eliminate any restrictions on the payment of principal
(or premium, if any) on Registered Securities or of principal (or premium, if
any) or any interest on Bearer Securities, to permit Registered Securities to
be exchanged for Bearer Securities or to permit or facilitate the issuance of
Securities in uncertified form, PROVIDED any such action shall not adversely
affect the interests of the Holders of Securities of any series or any Coupons
appertaining thereto in any material respect;

 

(4)                                 to establish the form or terms of Securities
of any series and any Coupons appertaining thereto as permitted by Sections 201
and 301;

 

(5)                                 to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of
one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 609(b);

 

(6)                                 to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any
other provision herein, or to make any other provisions with respect to matters
or questions arising under this Indenture which shall not be inconsistent with
the provisions of this Indenture and which shall not adversely affect the
interest of the Holders of Securities of any series or any related coupons in
any material respect;

 

(7)                                 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 Securities, as herein set
forth;

 

(8)                                 to add any additional Events of Default;

 

(9)                                 to modify, eliminate or add to the provisions
of this Indenture to such extent as shall be necessary to conform the
obligations of the Company and the Trustee under this Indenture to the
obligations imposed on such Persons hereunder pursuant to the Trust Indenture
Act or under any similar federal statute hereafter enacted and rules or
regulations of the Commission thereunder;

 

42

 

(10)                           to make provisions with respect to the
conversion rights of Holders of Convertible Securities pursuant to the
requirements of Section 1606; or

 

(11)                           to add to, change or eliminate any of the
provisions of this Indenture in respect to one or more series of Securities;
provided, however, that any such addition, change or elimination (i) shall
neither (A) apply to any Security of any series issued prior to the
execution of such supplemental indenture and entitled to the benefit of such
provision nor (B) modify the rights of the Holder of any such pre-existing
series of any Security with respect to the application of such provision to
such pre-existing series of a Security or (ii) shall become effective only
when there is no such pre-existing series of a Security outstanding.

 

Section 902. Supplemental Indentures With Consent of Holders.

 

With
the consent of the Holders of not less than a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by Board Resolutions, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; PROVIDED, HOWEVER, that no such
supplemental Indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby, shall

 

(1)                                 change the Stated Maturity of the principal
of, or any installment of interest on, any Security, or reduce the principal
amount thereof or the rate of interest thereon or any Additional Amounts
payable in respect thereof, or any premium payable upon the redemption thereof,
or change the obligation of the Company to pay Additional Amounts pursuant to Section 1004
(except as contemplated by Section 801(1) and permitted by Section 901(1)),
or reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 502, or change the Place of Payment, coin or
currency in which any Security or any premium or the interest thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption,
on or after the Redemption Date), or

 

(2)                                 reduce the percentage in principal amount of
the Outstanding Securities of any series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders
is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in
this Indenture, or reduce the requirements of Section 1404 for quorum or
voting, or

 

(3)                                 modify any of the provisions of this section,
or Sections 512, 513 or Section 1011, except to increase any such
percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby.

 

The
Company may, but shall not be obligated to, fix a record date for the purposes
of determining the Persons entitled to consent to any indenture supplemental
hereto. If a record date is fixed, the Holders on such record date, or their
duly designated proxies, and only such Persons, shall be entitled to consent to
such supplemental indenture, whether or not such Holders remain Holders after
such record date; PROVIDED, that unless such consent shall have become
effective by virtue of the requisite percentage having been obtained prior to
the date which is 90 days after such record date, any such consent previously
given shall automatically and without further action by any Holder be cancelled
and of no further effect.

 

A
supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which 

 

43

 

modifies
the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.

 

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

 

Section 903. Execution of Supplemental Indentures.

 

As
a condition to executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications
thereby of the trust created by this Indenture, the Trustee shall be provided
with, and (subject to Section 315 of the Trust Indenture Act) shall be
fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture and that it complies with the terms of this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

Section 904. Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of a Security
theretofore or thereafter authenticated and delivered hereunder and of any
Coupons appertaining thereto shall be bound thereby.

 

Section 905. Conformity With Trust Indenture Act.

 

Every
supplemental indenture executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act as then in effect.

 

Section 906. Reference in Securities to Supplemental Indentures.

 

Securities
of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required
by the Trustee, bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company shall so
determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.

 

Section 907. Subordination Unimpaired.

 

No
supplemental indenture entered into under this Article Nine shall modify,
directly or indirectly, the provisions of Article Fifteen or the
definition of Senior Indebtedness in Section 101 in any manner that might
alter or impair the subordination of the Securities with respect to Senior
Indebtedness then outstanding, unless each holder of such Senior Indebtedness
has consented thereto in writing.

 

44

 

ARTICLE TEN

 

COVENANTS

 

Section 1001. Payment of Principal, Premium, If Any, and Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any), interest on or any Additional Amounts payable in respect of the
Securities of that series in accordance with the terms of such series of
Securities, any Coupons appertaining thereto and this Indenture. Any interest
due on and any Additional Amounts payable in respect of Bearer Securities on or
before Maturity, other than Additional Amounts, if any, payable as provided in Section 1004
in respect of principal of (or premium, if any, on) such a Security, shall be
payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature.

 

Section 1002. Maintenance of Office or Agency.

 

The
Company will maintain in each Place of Payment for any series of Securities an
office or agency where Securities of such series (but not Bearer Securities,
except as otherwise provided below, unless such Place of Payment is located
outside the United States) may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange
and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. If Securities of a
series are issuable as Bearer Securities, the Company shall maintain, subject
to any laws or regulations applicable thereto, an office or agency in a Place
of Payment for such series which is located outside the United States where
Securities of such series and the related Coupons may be presented and
surrendered for payment (including payment of any Additional Amounts payable on
Securities of such series pursuant to Section 1004); PROVIDED, HOWEVER,
that if the Securities of such series are listed on The Stock Exchange of the
United Kingdom and the Republic of Ireland or the Luxembourg Stock Exchange or
any other stock exchange located outside the United States and such stock
exchange shall so require, the Company will maintain a Paying Agent in London,
Luxembourg or any other required city located outside the United States, as the
case may be, so long as the Securities of such series are listed on such
exchange. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, except that Bearer Securities of that series and the
related Coupons may be presented and surrendered for payment (including payment
of any Additional Amounts payable on Bearer Securities of that series pursuant
to Section 1004) at the place specified for the purpose pursuant to Section 301,
and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

 

Except
as otherwise specified as contemplated by Section 301, no payment of
principal, premium or interest on Bearer Securities shall be made at any office
or agency of the Company in the United States or by check mailed to any address
in the United States or by transfer to an account maintained with a bank
located in the United States; PROVIDED, HOWEVER, payment of principal of and
any premium and interest in U.S. dollars (including Additional Amounts payable
in respect thereof) on any Bearer Security may be made at the Corporate Trust
Office or any office or agency designated by the Company if (but only if)
payment of the full amount of such principal, premium, interest or Additional
Amounts at all offices outside the United States maintained for the purpose by
the Company in accordance with this Indenture is illegal or effectively
precluded by exchange controls or other similar restrictions.

 

The
Company may also from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; PROVIDED, HOWEVER, that no such designation or rescission shall
in any manner relieve the Company of their obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes.
The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency. Unless otherwise specified as contemplated by Section 301,
the Company hereby designates as the Place of Payment for each series the Corporate
Trust Office of the Trustee. Pursuant to Section 301(9) of this
Indenture, the Company may subsequently appoint a place or places where such
Securities may be payable.

 

45

 

Section 1003. Money For Securities Payments to Be Held in Trust.

 

If
the Company shall at any time act as its own Paying Agent with respect to any
series of Securities, it will, on or before each due date of the principal of
(and premium, if any), or interest on, any of the Securities of that series,
segregate and hold in trust for the benefit of the Person entitled thereto a
sum sufficient to pay the principal (and premium, if any) or interest so
becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and will promptly notify the Trustee of its
action or failure so to act.

 

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

 

The
Company will cause each Paying Agent for any series of Securities other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section, that such Paying Agent will:

 

(1)                                 hold all sums held by it for the payment of
the principal of (and premium, if any) or interest on Securities of that series
in trust for the benefit of the Persons entitled thereto until such sums shall
be paid to such Persons or otherwise disposed of as herein provided;

 

(2)                                 give the Trustee notice of any default by the
Company (or any other obligor upon the Securities of that series) in the making
of any payment of principal (and premium, if any) or interest on the Securities
of that series; and

 

(3)                                 at any time during the continuance of any
such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent.

 

The
Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
terms 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.

 

Except
as otherwise provided hereby or pursuant hereto, any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of (and premium, if any) or interest and Additional
Amounts on any Security of any series and remaining unclaimed for two years
after such principal (and premium, if any) or interest has become due and
payable shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such
Security or any Coupon appertaining thereto shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease;
PROVIDED, HOWEVER, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Company cause to be
published once, in an Authorized Newspaper in each Place of Payment for such
series or to be mailed to Holders of Registered Securities for such series, or
both, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication
or mailing nor shall it be later than two years after such principal (and
premium, if any) or interest has become due and payable, any unclaimed balance
of such money then remaining will be repaid to the Company.

 

46

 

Section 1004. Additional Amounts.

 

If
any Securities of a series provide for the payment of Additional Amounts, the
Company agrees to pay to the Holder of any such Security of any such series or
any Coupon appertaining thereto Additional Amounts as provided therein.
Whenever in this Indenture there is mentioned, in any context, the payment of
the principal of (or premium, if any) or interest on, or in respect of, any
Security of any series or any related Coupon or the net proceeds received on
the sale or exchange of any Security of any series, such mention shall be
deemed to include mention of the payment of Additional Amounts provided by the
terms of such series established hereby or pursuant hereto to the extent that,
in such context, Additional Amounts are, were or would be payable in respect
thereof pursuant to such terms and express mention of the payment of Additional
Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express
mention is not made.

 

Except
as otherwise provided herein or pursuant hereto, if the Securities of a series
provide for the Payment of Additional Amounts, at least 10 days prior to the
first Interest Payment Date with respect to such series of Securities (or if
the Securities of that series shall not bear interest prior to Maturity, the
first day on which a payment of principal (and premium, if any, is made), and
at least 10 days prior to each date of payment of principal (and premium, if
any) or interest if there has been any change with respect to the matters set
forth in the below-mentioned Officers’ Certificate, the Company will furnish
the Trustee and the principal Paying Agent or Paying Agents, if other than the
Trustee, an Officers’ Certificate instructing the Trustee and such Paying Agent
or Paying Agents whether such payment of principal (and premium, if any) of or
interest on the Securities of that series shall be made to Holders of
Securities of that series or the Coupons appertaining thereto who are United
States Aliens without withholding for or on account of any tax, assessment or
other governmental charge described in the Securities of that series. If any
such withholding shall be required, then such Officers’ Certificate shall
specify by country the amount, if any, required to be withheld on such payments
to such Holders of Securities or Coupons and the Company agrees to pay to the
Trustee or such Paying Agent the Additional Amounts required by this Section.
The Company covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, liability or expense reasonably incurred
without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officers’
Certificate furnished pursuant to this Section.

 

Section 1005. Statement As To Compliance; Notice of Certain
Defaults.

 

(a)           The Company will, in addition to the
reports required by Section 704(4), deliver to the Trustee, within 120
days after the end of each fiscal year (which on the date hereof ends on December 31),
commencing December 31, 2008, a written statement, which need not comply
with Section 102, signed by the Chairman of the Board, a Deputy Chairman,
Vice Chairman, the President or a Vice President and by the Treasurer or an
Assistant Treasurer of the Company, stating, as to each signer thereof, that

 

(1)                                  a review of the activities of the Company
during such year and of performance under this Indenture has been made under
his supervision, and

 

(2)                                  to the best of his knowledge, based on such
review, (a) the Company has fulfilled all of its obligations under this
Indenture throughout such year, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to him
and the nature and status thereof, and (b) no event has occurred and is
continuing which is, or after notice or lapse of time or both would become, an
Event of Default, or, if such an event has occurred and is continuing,
specifying each such event known to him and the nature and status thereof.

 

(b)           The Company will deliver to the
Trustee as soon as possible, and in any event, within five days after the
occurrence thereof, written notice of any event which after notice or lapse of
time or both would become an Event of Default.

 

47

 

Section 1006. Payment of Taxes and Other Claims.

 

The
Company will pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (1) all taxes, assessments and governmental
charges levied or imposed upon the Company or any Subsidiary or upon the
income, profits or property of the Company or any Subsidiary, and (2) all
lawful claims for labor, materials and supplies which, if unpaid, might by law
become a lien upon the property of the Company or any subsidiary; PROVIDED,
HOWEVER, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings.

 

Section 1007. Corporate Existence.

 

Subject
to Article Eight, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate
existence, rights (charter and statutory) and franchises and the corporate
existence, rights (charter and statutory) and franchises of the Subsidiary
Bank; PROVIDED, HOWEVER, that the Company shall not be required to preserve any
such corporate existence, right or franchise if the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries considered as a whole and that the
loss thereof is not disadvantageous in any material respect to the Holders.

 

Section 1008. Waiver of Certain Covenants.

 

The
Company may omit in any particular instance to comply with any term, provision
or condition set forth in Section 1006 with respect to the Securities of
any series if before the time for such compliance the Holders of at least a
majority in principal amount of the Outstanding Securities of such series
shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to
the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the duties of the Trustee in respect of any
such term, provision or condition shall remain in full force and effect.

 

Section 1009. Calculation of Original Issue Discount.

 

The
Company shall file with the Trustee promptly at the end of each calendar year (i) a
written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on Outstanding Securities as of the
end of such year and (ii) such other specific information relating to such
original issue discount as may then be relevant under the Internal Revenue Code
of 1986, as amended from time to time.

 

ARTICLE ELEVEN

 

REDEMPTION OF SECURITIES

 

Section 1101. Applicability of Article.

 

Redemption
of Securities of any series at the option of the Company as permitted or
required by the terms of such Securities shall be made in accordance with the
terms of such Securities and (except as otherwise provided herein or pursuant
hereto) this Article.

 

Section 1102. Election To Redeem; Notice To Trustee.

 

The
election of the Company to redeem any Securities shall be evidenced by Board
Resolution. In case of any redemption at the election of the Company of the
Securities of any series, with the same issue date, interest rate and Stated
Maturity, the Company shall, at least 60 days prior to the Redemption Date
fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date and of the principal
amount of Securities of such series to be redeemed.

 

48

 

Section 1103. Selection By Trustee of Securities To Be Redeemed.

 

If
less than all the Securities of any series with the same issue date, interest
rate, Stated Maturity and other terms are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee from the Outstanding Securities of such series
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of
portions of the principal amount of Registered Securities of such series;
PROVIDED, HOWEVER, that no such partial redemption shall reduce the portion of
the principal amount of a Registered Security of such series not redeemed to
less than the minimum denomination for a Security of such series established
herein pursuant hereto.

 

If
any Convertible Security selected for partial redemption is converted in part
before termination of the conversion right with respect to the portion of the
Security so selected, the converted portion of such Security shall be deemed
(so far as may be) to be the portion selected for redemption. Securities which
have been converted during a selection of Securities to be redeemed shall be
treated by the Trustee as Outstanding for the purpose of such selection.

 

The
Trustee shall promptly notify the Company and the Security Registrar (if other
than itself) in writing of the Securities selected for redemption and, in the
case of any Securities selected for partial redemption, the principal amount thereof
to be redeemed.

 

For
all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case
of any Securities redeemed or to be redeemed only in part, to the portion of
the principal of such Securities which has been or is to be redeemed.

 

Section 1104. Notice of Redemption.

 

Notice
of redemption shall be given in the manner provided in Section 106, not
less than 30 nor more than 60 days prior to the Redemption Date, unless a
shorter period is specified in the Securities to be redeemed, to the Holders of
Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof.

 

Any
notice that is mailed to the Holder of any Registered Securities in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not such Holder receives the notice.

 

All
notices of redemption shall state:

 

(1)                                 the Redemption Date,

 

(2)                                 the Redemption Price,

 

(3)                                 if less than all outstanding Securities of
any series are to be redeemed, the identification (and, in the case of partial
redemption, the principal amount) of the particular Securities to be redeemed,

 

(4)                                 in case any Registered Security is to be
redeemed in part only, the notice which relates to such Security shall state
that on and after the Redemption Date, upon surrender of such Security, the
Holder of such Security will receive, without charge, a new Registered Security
or Registered Securities of authorized denominations for the principal amount
thereof remaining unredeemed,

 

(5)                                 in the case of Convertible Securities, the
Conversion Price then in effect, the date on which the right to convert the
principal amount of the Securities or the portions thereof to be redeemed will
terminate and the place or places where such Securities may be surrendered for
conversion,

 

49

 

(6)                                 that on the Redemption Date the Redemption
Price will become due and payable upon each such Security to be redeemed only,
as to Bearer Securities, against tender of such Security and any Coupons
appertaining thereto, and, if applicable, that interest thereon and Additional
Amounts, if any, shall cease to accrue on and after said date,

 

(7)                                 the place or places where such Securities,
together, in the case of Bearer Securities with all Coupons appertaining
thereto, if any, maturing after the Redemption Date, are to be surrendered for
payment of the Redemption Price,

 

(8)                                 that the redemption is for a sinking fund, if
such is the case, and

 

(9)                                 the CUSIP number, if any.

 

A
notice of redemption published as contemplated by Section 106 need not
identify particular Registered Securities to be redeemed.

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall
be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company.

 

Section 1105. Deposit of Redemption Price.

 

On
or prior to any Redemption Date, the Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on and any Additional
Amounts with respect thereto, all the Securities or portions thereof which are
to be redeemed on that date.

 

If
any Convertible Security or portion thereof called for redemption is converted
pursuant to Article Fifteen, any money deposited with the Trustee or so
segregated and held in trust for the redemption of such Security or portion
thereof shall (subject to any right of the Holder of the Security on a Regular
Record Date preceding such conversion to receive interest) be paid to the
Company upon Company Request or, if then held by the Company, shall be
discharged from such trust.

 

Section 1106. Securities Payable on Redemption Date.

 

Notice
of redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest and the Coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent
provided below, shall be void. Upon surrender of any such Security for
redemption in accordance with said notice, together with all Coupons, if any,
appertaining thereto maturing after the Redemption Date, such Security shall be
paid by the Company at the Redemption Price, together with accrued interest (or
any Additional Amounts) to the Redemption Date; PROVIDED, HOWEVER, that installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only upon presentation and surrender of
coupons for such interest (at an office or agency located outside the United
States except as otherwise provided in Section 1002), and PROVIDED,
FURTHER, that installments of interest on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the Regular Record Dates according to their terms
and the provisions of Section 308.

 

If
any Bearer Security surrendered for redemption shall not be accompanied by all
appurtenant Coupons maturing after the Redemption Date, such Security may be
paid after deducting from the Redemption Price an amount equal to the face
amount of all such missing Coupons, or the surrender of such missing Coupon or
Coupons may be waived by the Company and the Trustee if there be furnished to
them such Security or

 

50

 

indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; PROVIDED,
HOWEVER, that interest (or any Additional Amounts) represented by Coupons shall
be payable only upon presentation and surrender of those Coupons at an office
or agency located outside of the United States except as otherwise provided in Section 1002.

 

If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the principal (and premium, if any) shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the
Security.

 

Section 1107. Securities Redeemed in Part.

 

Any
Registered Security which is to be redeemed only in part shall be surrendered
at any office or agency of the Company maintained for that purpose pursuant to Section 1002
(with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing) and the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Registered
Security or Securities of the same series, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered. If a Security in global form
is so surrendered, the Company shall execute, and the Trustee shall
authenticate and deliver to the U.S. Depository or other depository for such
Security in global form as shall be specified in the Company Order with respect
thereto to the Trustee, without service charge, a new Security in global form
in a denomination equal to and in exchange for the unredeemed portion of the
principal of the Security in global form so surrendered.

 

Section 1108. Conversion Arrangements on Call for Redemption.

 

Notwithstanding
anything to the contrary contained in this Indenture, in connection with any
redemption of Convertible Securities of any series, the Company, by an
agreement with one or more investment bankers or other purchasers, may arrange
for such purchasers to purchase all such Convertible Securities called for
redemption (the “Called Securities”) which are either (i) surrendered for
redemption or (ii) not duly surrendered for redemption or conversion prior
to the close of business on the Redemption Date, and to convert the same into
shares of Common Stock, by the purchasers’ depositing with the Trustee (acting
as Paying Agent with respect to the deposit of such amount and as conversion
agent with respect to the conversion of such Called Securities), in trust for
the Holders of the Called Securities, on or prior to the Redemption Date in the
manner agreed to by the Company and such purchasers, an amount sufficient to
pay the Redemption Price, payable by the Company on redemption of such Called
Securities. In connection with any such arrangement for purchase and
conversion, the Trustee as Paying Agent shall pay on or after the Redemption
Date such amounts so deposited by the purchasers in exchange for Called
Securities surrendered for redemption prior to the close of business on the
Redemption Date and for all Called Securities surrendered after such Redemption
Date. Notwithstanding anything to the contrary contained in this Article Eleven,
the obligation of the Company to pay the Redemption Price of such Called
Securities shall be satisfied and discharged to the extent such amount is so
paid by such purchasers. However, nothing in this Section 1108 shall in
any way relieve the Company of the obligation to pay such Redemption Price on
all Called Securities to the extent such amount is not so paid by said
purchasers. For all purposes of this Indenture, any Called Securities
surrendered by the Holders for redemption, and any Called Securities not duly
surrendered for redemption or conversion prior to the close of business on the
Redemption Date, shall be deemed acquired by such purchasers from such Holders
and surrendered by such purchasers for conversion and shall in all respects be
deemed to have been converted, all as of immediately prior to the close of
business on the Redemption Date, subject to the deposit by the Purchasers of
the above amount as aforesaid. Nothing in this Section 1108 shall in any
way limit the right of any Holder of a Security to convert his Security
pursuant to the terms of this Indenture and of such Security at any time prior
to the close of business on the Redemption Date applicable thereto.

 

51

 

ARTICLE TWELVE

 

SINKING FUNDS

 

Section 1201. Applicability of Article.

 

The
provisions of this Article shall be applicable to any sinking fund for the
retirement of Securities of a series, except as otherwise permitted or required
by any form of Security of such series issued pursuant to this Indenture.

 

The
minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “mandatory sinking fund
payment”, and any payment in excess of such minimum amount provided for by the
terms of Securities of such series is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 1202. Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of
Securities of such series.

 

Section 1202. Satisfaction of Sinking Fund Payments With
Securities.

 

The
Company may, in satisfaction of all or any part of any sinking fund payment
with respect to the Securities of such series to be made pursuant to the terms
of such Securities as provided for by the terms of such series (1) deliver
Outstanding Securities of such series (other than any of such Securities
previously called for redemption or any of such Securities in respect of which
cash shall have been released to the Company), together in the case of any
Bearer Securities of such series with all unmatured Coupons appertaining
thereto, and (2) apply as a credit Securities of such series which have
been redeemed either at the election of the Company pursuant to the terms of
such series of Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, PROVIDED that
such series of Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the
Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly. If as a result of the delivery or credit of Securities of
any series in lieu of cash payments pursuant to this Section 1202, the
principal amount of Securities of such series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such series for redemption, except upon Company
Request, and such cash payment shall be held by the Trustee or a Paying Agent and
applied to the next succeeding sinking fund payment, PROVIDED, HOWEVER, that
the Trustee or such Paying Agent shall at the request of the Company from time
to time pay over and deliver to the Company any cash payment so being held by
the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that series purchased by the Company having an unpaid principal
amount equal to the cash payment requested to be released to the Company.

 

Section 1203. Redemption of Securities For Sinking Fund.

 

Not
less than 75 days prior to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that
series pursuant to Section 1202, and the optional amount, if any, to be
added in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so credited and not theretofore
delivered. If such Officers’ Certificate shall specify an optional amount to be
added in cash to the next ensuing mandatory sinking fund payment, the Company
shall thereupon be obligated to pay the amount therein specified. Not less than
60 days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1103 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner

 

52

 

provided in Section 1104. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 1106 and 1107.

 

ARTICLE THIRTEEN

 

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 1301. Applicability of Article.

 

Securities
of any series which are repayable at the option of the Holders thereof before
their Stated Maturity shall be repaid in accordance with the terms of the
Securities of such series. The repayment of any principal amount of Securities
pursuant to such option of the Holder to require repayment of Securities before
their Stated Maturity, for purposes of Section 310, shall not operate as a
payment, redemption or satisfaction of the indebtedness represented by such
Securities unless and until the Company, at its option, shall deliver or
surrender the same to the Trustee with a directive that such Securities be
cancelled. Notwithstanding anything to the contrary contained in this Article Thirteen,
in connection with any repayment of Securities, the Company may arrange for the
purchase of any Securities by an agreement with one or more investment bankers
or other purchasers to purchase such Securities by paying to the Holders of
such Securities on or before the close of business on the repayment date an
amount not less than the repayment price payable by the Company on repayment of
such Securities, and the obligation of the Company to pay the repayment price
of such Securities shall be satisfied and discharged to the extent such payment
is so paid by such purchasers.

 

ARTICLE FOURTEEN

 

MEETINGS OF HOLDERS

 

Section 1401. Purposes For Which Meetings May Be Called.

 

A
meeting of Holders of Securities of such series may be called at any time and
from time to time pursuant to this Article to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

 

Section 1402. Call, Notice and Place of Meetings.

 

(a)           The Trustee may at any time call a
meeting of Holders of Securities of any series for any purpose specified in Section 1401,
to be held at such time and at such place in the Principle Office of the
Trustee, or, if Securities of such series are to be issued as Bearer
Securities, in London, as the Trustee shall determine. Notice of every meeting
of Holders of Securities of any series, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 106, not less
than 21 nor more than 180 days prior to the date fixed for the meeting.

 

(b)           In case at any time the Company,
pursuant to Board Resolution, or the Holders of at least 10% in principal
amount of the Outstanding Securities of any series shall have requested the
Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 1401, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication of the notice of such meeting
within 21 days after receipt of such request or shall not thereafter proceed to
cause the meeting to be held as provided herein, then the Company or the
Holders of Securities of such series in the amount above specified, as the case
may be, may determine the time and the place for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in subsection (a) of
this Section.

 

53

 

Section 1403. Persons Entitled To Vote At Meetings.

 

To
be entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for
a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or
to speak at any meeting of Holders of Securities of any series shall be the
Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its
counsel.

 

Section 1404. Quorum; Action.

 

The
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of a series shall constitute a quorum for a meeting of Holders of
Securities of such series. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in section 1402 (a), except that such notice need be
given only once not less than five days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage, as provided above, of the principal
amount of the Outstanding Securities of such series which shall constitute a
quorum.

 

Except
as limited by the proviso to Section 902, any resolution presented to a
meeting or adjourned meeting duly reconvened at which a quorum is present as
aforesaid may be adopted only by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902,
any resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding
Securities of that series.

 

Any
resolution passed or decision taken at any meeting of Holders of Securities of
any series duly held in accordance with this Section shall be binding on
all the Holders of Securities of such series and the Coupons appertaining
thereto, whether or not present or represented at the meeting.

 

Section 1405. Determination of Voting Rights; Conduct and
Adjournment of Meetings.

 

(a)           Notwithstanding any other provisions
of this Indenture, the Trustee may make such reasonable regulations as it may
deem advisable for any meeting of Holders of Securities of such series in
regard to proof of the holding of Securities of such series and of the
appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Section 104 and the appointment of
any proxy shall be proved in the manner specified in Section 104 or by
having the signature of the person executing the proxy witnessed or guaranteed
by any trust company, bank or banker authorized by Section 104 to certify
to the holding of Bearer Securities. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid
and genuine without the proof specified in Section 104 or other proof.

 

(b)           The Trustee shall, by an instrument
in writing, appoint a temporary chairman of the meeting, unless the meeting
shall have been called by the Company or by Holders of Securities as provided
in Section 1402(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of

 

54

 

the meeting shall be elected by vote of the
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting.

 

(c)           At any meeting each Holder of a
Security of such series or proxy shall be entitled to one vote for each $1,000
principal amount of Securities of such series held or represented by him;
PROVIDED, HOWEVER, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not Outstanding and ruled by the chairman
of the meeting to be not Outstanding. The chairman of the meeting shall have no
right to vote, except as a Holder of a Security of such series or proxy.

 

(d)           Any meeting of Holders of Securities
of any series duly called pursuant to Section 1402 at which a quorum is
present may be adjourned from time to time by Persons entitled to vote a
majority in principal amount of the Outstanding Securities of such series
represented at the meeting; and the meeting may be held as so adjourned without
further notice.

 

Section 1406. Counting Votes and Recording Action of Meetings.

 

The
vote upon any resolution submitted to any meeting of Holders of Securities of
any series shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in triplicate of all votes cast at the meeting.

 

A
record, at least in triplicate, of the proceedings of each meeting of Holders
of Securities of any series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the
meeting and showing that said notice was given as provided in Section 1402
and, if applicable, Section 1404. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and
one such copy shall be delivered to the Company and another to the Trustee to
be preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

 

ARTICLE FIFTEEN

 

SUBORDINATION

 

Section 1501. Securities Subordinated To Senior Indebtedness.

 

The
Company covenants and agrees, and each Holder of Securities, by its acceptance
thereof, likewise covenants and agrees, that the indebtedness evidenced by the
Securities and the payment of the principal of (and premium, if any) and
interest on and any Additional Amounts payable in respect thereof is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of Senior Indebtedness.

 

Anything
in this Indenture or in the Securities of any series to the contrary
notwithstanding, the indebtedness evidenced by the Securities shall be
subordinate and junior in right of payment, to the extent and in the manner
hereinafter set forth, to all Senior Indebtedness:

 

(1)                                  In the event of any insolvency or bankruptcy
proceedings, and any receivership, liquidation, reorganization, arrangement or
other similar proceedings in connection therewith, relative to the Company or
to its property, and in the event of any proceedings for voluntary liquidation,
dissolution or other winding-up of the Company, whether or not involving
insolvency or bankruptcy, then the holders of Senior Indebtedness shall be
entitled to receive payment in full of all principal, premium and interest on
all Senior Indebtedness before the Holders of the

 

55

 

Securities
are entitled to receive any payment on account of principal, premium, if any,
interest or Additional Amounts upon the Securities, and to that end (but
subject to the power of a court of competent jurisdiction to make other
equitable provisions reflecting the rights conferred in the Securities upon
Senior Indebtedness and the Holders thereof with respect to the subordinated
indebtedness represented by the Securities and the Holders hereof by a lawful
plan of reorganization under applicable bankruptcy law) the holders of Senior
Indebtedness shall be entitled to receive for application in payment thereof
any payment or distribution of any kind or character, whether in cash or
property or securities, which may be payable or deliverable in any such proceedings
in respect of the Securities after giving effect to any concurrent payment or
distribution in respect of such Senior Indebtedness, except securities which
are subordinate and junior in right of payment to the payment of all Senior
Indebtedness then outstanding;

 

(2)                                  In the event that any Security of any series
is declared or otherwise becomes due and payable before its expressed maturity
because of the occurrence of an Event of Default hereunder (under circumstances
when the provisions of the foregoing clause (1) or the following clause (3) shall
not be applicable), the holders of Senior Indebtedness outstanding at the time
such Security so becomes due and payable because of such occurrence of an Event
of Default hereunder shall, so long as such declaration has not been rescinded
and annulled pursuant to Section 502, be entitled to receive payment in
full of all principal of, and premium and interest on, all such Senior
Indebtedness before the Holders of the Securities of such series are entitled
to receive any payment on account of principal of, premium, if any, or interest
and Additional Amounts on the Securities of such series. However, nothing
herein shall prevent the Holders of Securities from seeking any remedy allowed
at law or at equity so long as any judgment or decree obtained thereby makes
provision for enforcing this clause; and

 

(3)                                  In the event that any default shall occur and
be continuing with respect to any Senior Indebtedness permitting the holders of
such Senior Indebtedness to accelerate the maturity thereof, if either

 

(A)                              notice of such default, in writing or by telegram, shall have been
given to the Company and to the Trustee, provided that judicial proceedings
shall be commenced in respect of such default within 180 days in the case of a
default in payment of principal or interest and within 90 days in the case of
any other default after the giving of such notice, and provided further that
only one such notice shall be given pursuant to this Section 1601(3) in
any twelve months period, or

 

(B)                                judicial proceedings shall be pending in respect of such default, the
Holders of the Securities and the Trustee for their benefit shall not be
entitled to receive any payment on account of principal, premium, if any, or
interest and Additional Amounts thereon (including any such payment which would
cause such default) unless payment in full of all principal of, and premium and
interest on, such Senior Indebtedness shall have been made or provided for. The
Trustee, forthwith upon receipt of any notice received by it pursuant to this Section 1601(3),
shall, as soon as practicable, send a notice thereof to each Holder of
Securities at the time outstanding as the names and addresses of such Holders
appear on the Security Register.

 

In
case despite the foregoing provisions, any payment or distribution shall, in
any such event, be paid or delivered to any Holder of the Securities or to the
Trustee for their benefit before all Senior Indebtedness shall have been paid
in full, such payment or distribution shall be held in trust for and so paid
and delivered to the holders of Senior Indebtedness (or their duly authorized
representatives) until all Senior Indebtedness shall have been paid in full.

 

The
Company shall give written notice to the Trustee within five days after the
occurrence of any insolvency, bankruptcy, receivership, liquidation,
reorganization, arrangement or similar proceeding of the

 

56

 

Company within the meaning of this Section 1601.
Upon any payment or distribution of assets of the Company referred to in this Article Fifteen,
the Trustee, subject to the provisions of Section 315(a) through 315(b) of
the Trust Indenture Act, and the Holders of the Securities shall be entitled to
rely upon a certificate of the trustee in bankruptcy, receiver, assignee for
the benefit of creditors or other liquidating agent making such payment or
distribution, delivered to the Trustee or to the Holders of Securities, for the
purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article Fifteen.

 

The
Trustee shall be entitled to conclusively rely on the delivery to it of a
written notice by a person representing himself to be a holder of Senior
Indebtedness (or a trustee or agent on behalf of such holder) to establish that
such notice has been given by a holder of Senior Indebtedness (or a trustee or
agent on behalf of any such holder). In the event that the Trustee determines,
in good faith, that further evidence is required with respect to the right of
any person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Section 1601, the Trustee may request such
person to furnish evidence to the reasonable satisfaction of the Trustee as to
the amount of Senior Indebtedness held by such person, as to the extent to
which such person is entitled to participate in such payment or distribution,
and as to other facts pertinent to the rights of such person under this Section 1601,
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 1502. Subrogation.

 

Subject
to the payment in full of all Senior Indebtedness to which the indebtedness
evidenced by the Securities is in the circumstances subordinated as provided in
Section 1601, the Holders of the Securities shall be subrogated to the
rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such
Senior Indebtedness until all amounts owing on the Securities shall be paid in
full. As between the Company, its creditors other than holders of such Senior
Indebtedness, and the Holders of the Securities, no such payment or distribution
made to the holders of such Senior Indebtedness by virtue of this Article Fifteen
which otherwise would have been made to the Holders of the Securities shall be
deemed to be a payment by the Company on account of such Senior Indebtedness,
it being understood that the provisions of this Article Fifteen are and
are intended solely for the purpose of defining the relative rights of the
Holders of the Securities on the one hand, and the holders of the Senior
Indebtedness, on the other hand.

 

Section 1503. Obligation Of Company Unconditional.

 

Nothing
contained in this Article Fifteen or elsewhere in this Indenture or in the
Securities,

 

(1)                                  is intended to or shall impair as between its
creditors other than the holders of Senior Indebtedness and the Holders of the
Securities, the obligation of the Company which is absolute and unconditional,
to pay to the Holders of the Securities the principal of (and premium, if any),
interest on, or any Additional Amounts with respect to, the Securities as and
when the same shall become due and payable in accordance with their terms, or

 

(2)                                  is intended to or shall affect the relative
rights of the Holders of the Securities and creditors of the Company other than
the holders of Senior Indebtedness, or

 

(3)                                  prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this Article Fifteen
of the holders of Senior Indebtedness in respect of cash, property or
securities of the Company received upon the exercise of any such Upon any
payment or distribution of assets of the Company referred to in this Article Fifteen,
the Trustee and the Holders of the Securities shall be entitled to rely upon
any order or decree made by any court of competent jurisdiction in which any
such dissolution, winding up, liquidation or reorganization

 

57

 

proceeding
affecting the affairs of the Company is pending or upon a certificate of the
trustee in bankruptcy, receiver, assignee for the benefit of creditors,
liquidating trustee or agent or other person making any payment or
distribution, delivered to the Trustee or to the Holders of the Securities, for
the purpose of ascertaining the persons entitled to participate in such payment
or distribution, the holders of the Senior Indebtedness and other indebtedness
of the Company the amount thereof or payable thereon, the amount paid or
distributed thereon and all other facts pertinent thereto or to this Article Fifteen.

 

Section 1504. Payment On Securities Permitted.

 

Nothing
contained in this Article Fifteen or elsewhere in this Indenture, or in
any of the Securities, shall affect the obligation of the Company to make, or
prevent the Company from making payment of the principal of (or premium, if
any), interest or any Additional Amounts on the Securities in accordance with
the provisions hereof and thereof, except as otherwise provided in this Article Fifteen.

 

Section 1505. Effectuation Of Subordination by Trustee.

 

Each
Holder of Securities, by his or her acceptance thereof, authorizes and directs
the Trustee in his or her behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article Fifteen
and appoints the Trustee his or her attorney-in-fact for any and all such
purposes.

 

Section 1506. Knowledge Of Trustee.

 

Notwithstanding
the provisions of this Article Fifteen or any other provisions of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of monies to or by the
Trustee, or the taking of any other action by the Trustee, unless and until the
Trustee shall have received written notice thereof from the Company, any Holder
of the Securities, any paying agent of the Company or the holder or
representative of any class of Senior Indebtedness.

 

Section 1507. Trustee’s Relation To Senior Indebtedness.

 

Except
as otherwise provided in the Trust Indenture Act, the Trustee shall be entitled
to all the rights set forth in this Article Fifteen with respect to any
Senior Indebtedness at the 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. Notwithstanding anything in this
Indenture or in the Securities of any series, nothing in this Article Fifteen
shall apply to or limit claims of or payment to the Trustee under or pursuant
to Sections 506 and 606.

 

With
respect to 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 Fifteen, and no implied covenants or obligations
with respect to the holders of Senior Indebtedness shall be read into this
Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Indebtedness and the Trustee shall not
be liable to any holder of Senior Indebtedness if it shall pay over or deliver
to Holders, the Company or any other Person monies or assets to which any
holder of Senior Indebtedness shall be entitled by virtue of this Article Fifteen
or otherwise.

 

No
recourse may be taken with respect to the obligations of the Issuer or the
Trustee against the Trustee in its individual capacity.

 

Section 1508. Rights Of Holders Of Senior Indebtedness Not
Impaired.

 

No
right of any present or future holder of any Senior Indebtedness to enforce the
subordination herein shall at any time or in any way be prejudiced or impaired
by any act or failure to act on the part of the Company

 

58

 

or by any non-compliance by the Company with
the terms, provisions or covenants of this Indenture, regardless of any
knowledge thereof any such holder may have or be otherwise charged with.

 

ARTICLE SIXTEEN

 

CONVERSION

 

Section 1601. Conversion Privilege.

 

Subject
to and upon compliance with the provisions of this Article Fifteen and the
terms of the Convertible Securities of the series proposed to be converted, at
the option of the Holder, any Convertible Security or any portion of the
principal amount thereof which is $1,000 or an integral multiple thereof, may
be converted into shares of Common Stock, as said shares shall be constituted
at the Date of Conversion, at the Conversion Price for such Convertible
Securities of such series in effect at the Date of Conversion.

 

Section 1602. Manner of Exercise of Convertible Privilege.

 

In
order to exercise the conversion privilege, the Holder of any Convertible
Security to be converted shall surrender such Convertible Security to the
Company at its office or agency, together with the conversion notice in the
form provided on the Securities (or separate written notice) duly executed,
and, if so required by the Company, accompanied by instruments of transfer, in
form satisfactory to the Company and to the Trustee, duly executed by the
Holder or by his duly authorized attorney in writing. Any Registered
Convertible Security so surrendered during the period from the close of
business on the Regular Record Date preceding an Interest Payment Date for such
Registered Convertible Security to the opening of business on such Interest
Payment Date shall (unless any such Registered Convertible Security or the
portion thereof being converted shall have been called for redemption on a
Redemption Date during such period, in which event no interest shall be payable
with respect to such Registered Convertible Security or portion thereof, as the
case may be, following such Redemption Date) also be accompanied by payment in
Clearing House funds or other funds acceptable to the Company of an amount
equal to the interest payable on such Interest Payment Date on the principal
amount of such Registered Convertible Security then being converted; provided,
however, that no such payment need be made if there shall exist, at the time of
conversion, a default in the payment of interest on the Convertible Securities
of such series. Except as provided in the immediately preceding sentence, no
adjustment shall be made for interest accrued on any Convertible Security that
shall be converted or for dividends on any shares of Common Stock that shall be
delivered upon the conversion of such Convertible Securities. The funds so
delivered to such office or agency shall be paid to the Company on or after
such Interest Payment Date, unless the Company shall default in the payment of
the interest due on such Interest Payment Date, in which event such funds shall
be repaid to the Person who delivered the same. As promptly as practicable
after the surrender of any Convertible Security for conversion as aforesaid,
the Company shall deliver at said office or agency to such Holder, or on his written
order, a certificate or certificates for the number of full shares deliverable
upon the conversion of such Convertible Security or portion thereof and a check
or cash in respect of any fraction of a share of Common Stock otherwise
deliverable upon such conversion, all as provided in this Article Fifteen,
together with a Convertible Security or Convertible Securities of the same
series in principal amount equal to the unconverted and unredeemed portion, if
any, of the Convertible Security so converted in accordance with Section 306
hereof. Such conversion shall be deemed to have been effected on the date on
which such notice shall have been received at said office or agency and such
Convertible Security shall have been surrendered as aforesaid, and the Person
or Persons in whose name or names any certificate or certificates for shares of
Common Stock shall be deliverable upon such conversion shall be deemed to have
become on said date the Holder or Holders of record of the shares represented
thereby, provided, however, that any such surrender on any date when the stock

 

59

 

transfer books of the Company shall be closed
shall constitute the Person or Persons in whose name or names the certificates
are to be delivered as the record Holder or Holders thereof for all purposes on
the next succeeding day on which such stock transfer books are open, but such
conversion shall be at the Conversion Price in effect on the date of such
surrender.

 

Section 1603. Cash Adjustment Upon Conversion.

 

The
Company shall not be required to deliver fractions of shares of Common Stock
upon conversions of Convertible Securities. If more than one Convertible
Security shall be surrendered for conversion at one time by the same Holder,
the number of full shares which shall be deliverable upon conversion thereof
shall be computed on the basis of the aggregate principal amount of the
Securities so surrendered. If any fractional interest in a share of Common
Stock would be deliverable upon the conversion of any Convertible Security or
Securities, the Company shall make an adjustment therefor in cash equal to the
current market value of such fractional interest computed to the nearest cent
either on the basis of the last reported sale price regular way of the Common
Stock on the Nasdaq Global Select Market (or, if not listed on the Nasdaq
Global Select Market, then on such other exchange on which the shares of Common
Stock are listed as the Company may designate) on the last Business Day prior
to the Date of Conversion or, if there shall not have been a sale on such last
Business Day, on the basis of the average of the bid and asked quotations
therefor on such exchange on such last Business Day or, if the Common Stock
shall not then be listed on any exchange, at the highest bid quotation in the
over-the- counter market on such last Business Day as reported by the National
Association of Securities Dealers through NASDAQ, its automated system for
reporting quotes, or its successor or such other generally accepted source of
publicly reported bid and asked quotations as the Company may reasonably
designate.

 

Section 1604. Conversion Price.

 

The
Conversion Price applicable to any series of Convertible Securities shall be
the initial Conversion Price set forth on the Officers’ Certificate or
supplemental indenture establishing such series adjusted as provided in this Article Fifteen.

 

Section 1605. Adjustment of Conversion Price.

 

The
Conversion Price applicable to any series of Convertible Securities shall be
adjusted from time to time as follows:

 

(a)           In case the Company shall, at any
time or from time to time while the Securities of any series are outstanding, (i) pay
a dividend on its Common Stock in shares of Common Stock, (ii) subdivide
its outstanding shares of Common Stock into a larger number of shares, or (iii) combine
its outstanding Common Stock into a smaller number of shares, the Conversion
Price for such series in effect immediately prior thereto shall be adjusted so
that the Holder of any Security of such series thereafter surrendered for
conversion shall be entitled to receive the number of shares of Common Stock or
other securities of the Company which he would have owned or have been entitled
to receive after the happening of any of the events described above, had such
Convertible Security of such series been converted immediately prior to the
happening of such event. An adjustment made pursuant to this subdivision (a) shall
become effective, in the case of a dividend, on the payment date retroactively
to immediately after the opening of business on the day following the record
date for the determination of shareholders entitled to receive such dividend,
subject to the provisions of paragraph (g) of this Section 1605, and
shall become effective in the case of a subdivision or combination immediately
after the opening of business on the day following the day when such
subdivision or combination, as the case may be, becomes effective.

 

(b)           In case the Company shall, at any
time or from time to time while the Convertible Securities of any series are
outstanding, issue rights or warrants to all holders of its shares of Common
Stock entitling them (for a period expiring within 45 days of the record date
mentioned below) to subscribe for or purchase shares of Common Stock at a price
per share less than the current market price per share of Common Stock (as
defined in paragraph (d) below) at such record date, the Conversion Price
of any series of Convertible Securities in effect

 

60

 

immediately prior to the issuance of such
rights or warrants shall be adjusted as follows: the number of shares of Common
Stock into which $1,000 principal amount of Convertible Securities of such
series was theretofore convertible shall be multiplied by a fraction, of which
the numerator shall be the number of shares of Common Stock outstanding
immediately prior to such record date plus the number of additional shares of
Common Stock offered for subscription or purchase, and of which the denominator
shall be the number of shares of Common Stock outstanding immediately prior to
such record date plus the number of shares which the aggregate offering price
of the total number of shares so offered would purchase at such current market
price; and the Conversion Price for such series of Convertible Securities shall
be adjusted by dividing $1,000 by the new number of shares into which $1,000
principal amount of Securities of such series shall be convertible as
aforesaid. Such adjustment shall become effective on the date of such issuance
retroactively to immediately after the opening of business on the day following
the record date for the determination of shareholders entitled to receive such
rights or warrants, subject to the provisions of paragraph (g) of this Section 1605.
In determining whether any rights or warrants entitle the holders to subscribe
for or purchase shares of Common Stock at less than such current market price,
and in determining the aggregate offering price of such shares, there shall be
taken into account any consideration received by the Company for such rights or
warrants, the value of such consideration, if other than cash, to be determined
by the Board of Directors.

 

(c)           In case the Company shall, at any time
from time to time while the Convertible Securities of any series are
outstanding, distribute to all holders of shares of its Common Stock evidences
of its indebtedness or securities or assets (excluding cash dividends or cash
distributions payable out of consolidated net earnings or retained earnings) or
rights or warrants to subscribe for shares of Common Stock at a price per share
less than the current market price per share of Common Stock, determined in the
manner set forth in paragraph (d) below, but excluding rights or warrants
referred to in paragraph (b) above, the Conversion Price for such series
of Convertible Securities in effect immediately prior to such distribution
shall be adjusted by multiplying the number of shares of Common Stock into which
$1,000 principal amount of Convertible Securities of such series of Convertible
Securities was theretofore convertible by a fraction, of which the numerator
shall be the current market price per share of Common Stock (as defined in
paragraph (d) below) on the record date for such distribution, and of
which the denominator shall be such current market price per share of the
Common Stock, less the then fair market value (as determined by the Board of
Directors of the Company, whose determination shall be conclusive) of the
portion of such evidences of indebtedness, securities or assets or of such
subscription rights or warrants so distributed applicable to one share of
Common Stock; and the Conversion Price for such series of Convertible
Securities shall be adjusted by dividing $1,000 by the new number of shares
into which $1,000 principal amount of Convertible Securities of such series
shall be convertible as aforesaid. Such adjustment shall become effective on
the date of such distribution retroactively to immediately after the opening of
business on the day following the record date for the determination of
shareholders entitled to receive such distribution, subject to the provisions
of paragraph (g) of this Section 1605. For the purposes of this
paragraph (c) consolidated net earnings or retained earnings shall be
computed by adding thereto all charges against retained earnings on account of
dividends paid in shares of Common Stock in respect of which the Conversion
Price has been adjusted, all as determined by Independent Public Accountants,
whose determination shall be conclusive.

 

(d)           For the purpose of any computation
under paragraphs (b) and (c) above, the current market price per
share of Common Stock at any date shall be deemed to be the average of the
market values of the shares of Common Stock for the ten consecutive Business
Days immediately preceding the day in question. The market value of the Common
Stock for each day shall be determined as provided in Section 1603 hereof.

 

(e)           The Company may make such reductions
in the Conversion Price for any series of Convertible Securities, in addition
to those required by paragraphs (a), (b) and (c) of this Section as
it considers to be advisable in order that any event treated for Federal income
tax purposes as a dividend of stock or stock rights shall not be taxable to the
recipients.

 

(f)            Except as herein otherwise provided,
no adjustment in the Conversion Price for any series of Convertible Securities
shall be made by reason of the issuance, in exchange for cash, property or
services, of shares of Common Stock, or any securities convertible into or
exchangeable for shares of Common Stock, or carrying the right to purchase any
of the foregoing.

 

61

 

(g)           If the Company shall take a record of
the holders of its shares of Common Stock for the purpose of entitling them to
receive any dividend or any subscription or purchase rights or any distribution
and shall, thereafter and before the distribution to shareholders of any such
dividend, subscription or purchase rights or distribution, legally abandon its
plan to pay or deliver such dividend, subscription or purchase rights or
distribution, then no adjustment of the Conversion Price for any series of
Convertible Securities shall be required by reason of the taking of such
record.

 

(h)           No adjustment in the Conversion Price
for any series of Convertible Securities shall be required unless such
adjustment would require an increase or decrease of at least 1% in such price;
provided, however, that any adjustments which by reason of this paragraph (h) are
not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All calculations under this Article Fifteen shall
be made to the nearest cent or to the nearest one-hundredth of a share, as the
case may be.

 

(i)            Whenever the Conversion Price for
any series of Convertible Securities is adjusted as herein provided, the
Company shall (i) forthwith place on file at the Principal Office of the
Trustee an Officers’ Certificate showing in detail the facts requiring such
adjustment and the Conversion Price after such adjustment and shall exhibit the
same from time to time to any Holder of Convertible Securities of such series
desiring an inspection thereof, and (ii) cause a notice stating that such
adjustment has been effected and the adjusted Conversion Price to be mailed to
the Holders of Registered Convertible Securities of such series at their last
addresses as they shall appear on the Security Register.

 

(j)            The Company may delete, modify or
vary any of the provisions applicable to conversion of the Convertible
Securities of any series, or may add new provisions applicable thereto, all as
may be contained in the Board Resolutions and Officers’ Certificate or
supplemental indenture establishing such series.

 

Section 1606. Effect of Reclassifications, Consolidations, Mergers
or Sales on Conversion Privilege.

 

In
case of any reclassification or change of outstanding shares of the class of
Common Stock issuable upon conversion of the Convertible Securities (other than
a change in par value, or from par value to no par value, or from no par value
to par value, or as a result of a subdivision or combination), or in case of
any merger or consolidation of the Company with one or more other corporations
(other than a merger or consolidation in which the Company is the continuing
corporation and which does not result in any reclassification or change of
outstanding shares of Common Stock issuable upon conversion of the Securities),
or in case of the merger of the Company into another corporation, or in case of
any sale or conveyance to another corporation of the property of the Company as
an entirety or substantially as an entirety, the Holder of Convertible
Securities then outstanding shall have the right to convert such Convertible
Security into the kind and amount of shares of capital stock or other
securities and property, including cash, receivable upon such reclassification,
change, consolidation, merger, sale or conveyance by a holder of the number of
shares of Common Stock into which such Convertible Security might have been
converted immediately prior to such reclassification, change, consolidation,
merger, sale or conveyance. In any such case the Company, or such successor or
purchasing corporation, as the case may be, shall execute with the Trustee one
or more supplemental indentures (which shall conform to the Trust Indenture Act
of 1939 as in force at the date of the execution of such supplemental
indenture) containing provisions to the effect set forth above in this Section 1606
and providing further for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article Fifteen;
and any such adjustment which shall be approved by the Board of Directors and
set forth in such supplemental indenture or supplemental indentures shall be
conclusive for all purposes of this Section, and the Trustee shall not be under
any responsibility to determine the correctness of any provision contained in
such supplemental indenture or supplemental indentures relating to either the
kind or amount of shares of stock or securities or property receivable by
Holders of Securities of any series upon the conversion of their Convertible
Securities after any such reclassification, change, consolidation, merger, sale
or conveyance.

 

The
above provisions of this Section 1606 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and conveyances.

 

62

 

Section 1607. Taxes on Conversions.

 

The
issue of stock certificates on conversions of Convertible Securities shall be
made without charge to the converting Holder of Convertible Securities for any
tax in respect of the issue thereof. The Company shall not, however, be
required to pay any tax which may be payable in respect of any transfer
involved in the issue and delivery of shares in any name other than that of the
Holder of any Registered Convertible Security converted, and the Company shall
not be required to issue or deliver any such stock certificate unless and until
the Person or Persons requesting the issue thereof shall have paid to the
Company the amount of such tax or shall have established to the satisfaction of
the Company that such tax has been paid.

 

Section 1608. Company to Reserve Common Stock.

 

The
Company shall at all times reserve and keep available out of the aggregate of
its authorized but unissued shares or its issued shares held in its treasury,
or both, for the purpose of effecting the conversion of the Securities, such
number of its duly authorized shares of Common Stock as shall from time to time
be sufficient to effect the conversion of all outstanding Securities.

 

If
any shares of Common Stock reserved or to be reserved for the purpose of
conversion of Securities hereunder require registration with or approval of any
governmental authority under any Federal or State law before such shares may be
validly delivered upon conversion, then the Company covenants that it will in
good faith and as expeditiously as possible endeavor to secure registration or
approval, as the case may be.

 

The
Company covenants that all shares of Common Stock which may be delivered upon
conversion of Convertible Securities shall upon delivery be fully paid and
nonassessable by the Company and free from all taxes, liens and charges with
respect to the issue or delivery thereof.

 

Section 1609. Disclaimer by Trustee of Responsibility for Certain
Matters.

 

Neither
the Trustee nor any conversion agent shall at any time be under any duty or
responsibility to any Holder of Convertible Securities of any series to
determine whether any facts exist which may require any adjustment of the
Conversion Price for such series, or with respect to the nature or extent of
any such adjustment when made, or with respect to the method employed, or
herein or in any supplemental indenture provided to be employed, in making the
same, subject, however, to the provisions of Sections 315(a) through 315(b) of
the Trust Indenture Act. Neither the Trustee nor any conversion agent shall be
accountable with respect to the validity or value (or the kind or amount) of
any shares of Common Stock, or of any securities or property which may at any
time be issued or delivered upon the conversion of any Convertible Security;
and neither of them makes any representation with respect thereto. Neither the
Trustee nor any conversion agent shall be responsible for any failure of the
Company to make any cash payment or to issue, transfer or deliver any shares of
Common Stock or stock certificates or other securities or property upon the
surrender of any Security for the purpose of conversion or, subject to Sections
315(a) through 315(b) of the Trust Indenture Act, to comply with any
of the covenants of the Company contained in this Article Sixteen.

 

Section 1610. Company to Give Notice of Certain Events.

 

In
the event:

 

(1)                                  that the Company shall pay any dividend or
make any distribution to the holders of shares of Common Stock otherwise than
in cash charged against consolidated net earnings or retained earnings of the
Company and its consolidated net earnings or retained earnings of the Company
and its consolidated subsidiaries or in Common Stock; or

 

63

 

(2)                                  that the Company shall offer for subscription
or purchase, pro rata, to the holders of shares of Common Stock any additional
shares of stock of any class or any securities convertible into or exchangeable
for stock of any class; or

 

(3)                                  of any reclassification or change in
outstanding shares of the class of Common Stock issuable upon the conversion of
the Securities (other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of a subdivision or
combination), or of any merger or consolidation of the Company with, or merger
of the Company into, another corporation (other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in
any reclassification or change of outstanding shares of Common Stock issuable
upon conversion of the Securities), or of any sale or conveyance to another
corporation of the property of the Company as an entirety or substantially as
an entirety;

 

then,
and in any one or more of such events, the Company will give to the Trustee and
each conversion agent written notice thereof at least fifteen days prior to (i) the
record date fixed with respect to any of the events specified in (1) and (2) above,
and (ii) the effective date of any of the events specified in (3) above;
and shall mail promptly a copy of such notice to the Holders of Registered
Convertible Securities at their last addresses as they shall appear upon the
Security Register. Failure to give such notice, or any defect therein, shall
not affect the legality or validity of such dividend, distribution,
reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up.

 

* * * * *

 

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

 

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

 

	
   

  	
  SCBT
  FINANCIAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [WILMINGTON
  TRUST COMPANY],

  
	
   

  	
  not
  in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

64Exhibit 4.10

 

 

 

SCBT FINANCIAL CORPORATION

 

TO

 

[WILMINGTON TRUST COMPANY]

 

TRUSTEE

 

JUNIOR SUBORDINATED INDENTURE

 

DATED AS OF
              ,
2009

 

 

 

 

SCBT FINANCIAL CORPORATION

 

Reconciliation and tie between the Trust Indenture Act of 1939
(including cross-references to provisions of Sections 310 to and including 317
which, pursuant to Section 318(c) of the Trust Indenture Act of 1939,
as amended by the Trust Reform Act of 1990, are a part of and govern this
Indenture (whether or not physically contained therein), dated as of
              ,
2009.

 

	
  § 310(a) (1), (2) and (5).

  	
  6.9

  
	
  (a) (3).

  	
  Not Applicable

  
	
  (a) (4).

  	
  Not Applicable

  
	
  (b).

  	
  6.8, 6.10 

  
	
  (c).

  	
  Not Applicable

  
	
  § 311.

  	
  6.13

  
	
  § 312 (a).

  	
  7.1, 7.2(a)

  
	
  (b).

  	
  7.2 (b)

  
	
  (c).

  	
  7.2 (c)

  
	
  § 313 (a).

  	
  7.3 (a)

  
	
  (b).

  	
  7.3 (b)

  
	
  (c).

  	
  1.5, 7.3(a), 7.3(b)

  
	
  (d).

  	
  7.3 (c)

  
	
  § 314 (a) (1), (2) and (3)

  	
  7.4

  
	
  (a) (4).

  	
  10.4

  
	
  (b).

  	
  Not Applicable

  
	
  (c) (1).

  	
  1.2

  
	
  (c) (2).

  	
  1.2

  
	
  (c) (3).

  	
  Not Applicable

  
	
  (d).

  	
  Not Applicable

  
	
  (e).

  	
  1.2

  
	
  (f).

  	
  Not Applicable

  
	
  § 315 (a).

  	
  6.1(a)

  
	
  (b).

  	
  6.2

  
	
  (c).

  	
  6.1(b)

  
	
  (d).

  	
  6.1(c)

  
	
  (d) (1).

  	
  6.1(a)(1)

  
	
  (d) (2).

  	
  6.1(c)(2) 

  
	
  (d) (3).

  	
  6.1(c)(3) 

  
	
  (e).

  	
  5.14

  
	
  § 316(a) (1) (A).

  	
  5.12

  
	
  (a) (1) (B).

  	
  5.13

  
	
  (a) (2).

  	
  Not Applicable

  
	
  (b).

  	
  5.8

  

 

 

	
  (c).

  	
  1.4 (f)

  
	
  § 317 (a) (1)

  	
  5.3

  
	
  (a) (2).

  	
  5.4

  
	
  (b).

  	
  10.3

  
	
  § 318 (a).

  	
  1.7

  

 

NOTE: This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Junior Subordinated Indenture.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS
  AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
  1

  
	
  Section 1.1.

  	
  Definitions

  	
  1

  
	
  Section 1.2.

  	
  Compliance
  Certificate and Opinions

  	
  9

  
	
  Section 1.3.

  	
  Forms of
  Documents Delivered to Trustee

  	
  10

  
	
  Section 1.4.

  	
  Acts of
  Holders

  	
  11

  
	
  Section 1.5.

  	
  Notices,
  Etc. to Trustee and Company

  	
  13

  
	
  Section 1.6.

  	
  Notice to
  Holders; Waiver

  	
  13

  
	
  Section 1.7.

  	
  Conflict
  with Trust Indenture Act

  	
  13

  
	
  Section 1.8.

  	
  Effect of
  Headings and Table of Contents

  	
  14

  
	
  Section 1.9.

  	
  Successors
  and Assigns

  	
  14

  
	
  Section 1.10.

  	
  Separability
  Clause

  	
  14

  
	
  Section 1.11.

  	
  Benefits of
  Indenture

  	
  14

  
	
  Section 1.12.

  	
  Governing
  Law

  	
  14

  
	
  Section 1.13.

  	
  Non-Business
  Days

  	
  14

  
	
  Section 1.14.

  	
  Force Majeure

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  SECURITY
  FORMS

  	
  15

  
	
  Section 2.1.

  	
  Forms
  Generally

  	
  15

  
	
  Section 2.2.

  	
  Form of
  Face of Security

  	
  15

  
	
  Section 2.3.

  	
  Form of
  Reverse of Security

  	
  18

  
	
  Section 2.4.

  	
  Additional
  Provisions Required in Global Security

  	
  21

  
	
  Section 2.5.

  	
  Form of
  Trustee’s Certificate of Authentication

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  THE
  SECURITIES

  	
  22

  
	
  Section 3.1.

  	
  Title and
  Terms

  	
  22

  
	
  Section 3.2.

  	
  Denominations

  	
  25

  
	
  Section 3.3.

  	
  Execution,
  Authentication, Delivery and Dating

  	
  25

  
	
  Section 3.4.

  	
  Temporary Securities

  	
  26

  
	
  Section 3.5.

  	
  Registration,
  Transfer and Exchange

  	
  27

  
	
  Section 3.6.

  	
  Mutilated,
  Destroyed, Lost and Stolen Securities

  	
  29

  
	
  Section 3.7.

  	
  Payment of
  Interest; Interest Rights Preserved

  	
  29

  
	
  Section 3.8.

  	
  Persons
  Deemed Owners

  	
  31

  
	
  Section 3.9.

  	
  Cancellation

  	
  31

  
	
  Section 3.10.

  	
  Computation
  of Interest

  	
  31

  
	
  Section 3.11.

  	
  Deferrals of
  Interest Payment Dates

  	
  31

  
	
  Section 3.12.

  	
  Right of
  Set-Off

  	
  33

  
	
  Section 3.13.

  	
  Agreed Tax
  Treatment

  	
  33

  
	
  Section 3.14.

  	
  Shortening
  or Extension of Stated Maturity

  	
  33

  
	
  Section 3.15.

  	
  CUSIP
  Numbers

  	
  33

  

 

i

 

	
  ARTICLE IV

  	
  SATISFACTION AND DISCHARGE

  	
  34

  
	
  Section 4.1.

  	
  Satisfaction and Discharge of Indenture

  	
  34

  
	
  Section 4.2.

  	
  Application
  of Trust Money

  	
  35

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  REMEDIES

  	
  35

  
	
  Section 5.1.

  	
  Events of
  Default

  	
  35

  
	
  Section 5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
  36

  
	
  Section 5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Trustee

  	
  37

  
	
  Section 5.4.

  	
  Trustee May File Proofs of Claim

  	
  38

  
	
  Section 5.5.

  	
  Trustee May Enforce Claim Without
  Possession of Securities

  	
  39

  
	
  Section 5.6.

  	
  Application of Money Collected

  	
  39

  
	
  Section 5.7.

  	
  Limitation on Suits

  	
  39

  
	
  Section 5.8.

  	
  Unconditional Right of Holders to Receive
  Principal, Premium and Interest; Direct Action by Holders of Preferred
  Capital Securities

  	
  40

  
	
  Section 5.9.

  	
  Restoration of Rights and Remedies

  	
  40

  
	
  Section 5.10.

  	
  Rights and Remedies Cumulative

  	
  41

  
	
  Section 5.11.

  	
  Delay or Omission Not Waiver

  	
  41

  
	
  Section 5.12.

  	
  Control by Holders

  	
  41

  
	
  Section 5.13.

  	
  Waiver of Past Defaults

  	
  42

  
	
  Section 5.14.

  	
  Undertaking for Costs

  	
  42

  
	
  Section 5.15.

  	
  Waiver of Usury, Stay or Extension Laws

  	
  42

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  THE TRUSTEE

  	
  43

  
	
  Section 6.1.

  	
  Certain Duties and Responsibilities

  	
  43

  
	
  Section 6.2.

  	
  Certain Rights of Trustee

  	
  43

  
	
  Section 6.3.

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
  45

  
	
  Section 6.4.

  	
  May Hold Securities

  	
  45

  
	
  Section 6.5.

  	
  Money Held in Trust

  	
  45

  
	
  Section 6.6.

  	
  Compensation and Reimbursement

  	
  45

  
	
  Section 6.7.

  	
  Corporate Trustee Required; Eligibility;
  Conflicting Interests

  	
  46

  
	
  Section 6.8.

  	
  Resignation and Removal; Appointment of
  Successor

  	
  46

  
	
  Section 6.9.

  	
  Acceptance of Appointment by Successor

  	
  48

  
	
  Section 6.10.

  	
  Merger, Conversion, Consolidation or
  Succession to Business

  	
  49

  
	
  Section 6.11.

  	
  Appointment of Authenticating Agent

  	
  50

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
  COMPANY

  	
  52

  
	
  Section 7.1.

  	
  Company to Furnish Trustee Names and
  Addresses of Holders

  	
  52

  
	
  Section 7.2.

  	
  Preservation of Information, Communications
  to Holders

  	
  52

  
	
  Section 7.3.

  	
  Reports by Trustee

  	
  53

  
	
  Section 7.4.

  	
  Reports by Company

  	
  53

  

 

ii

 

	
  ARTICLE VIII

  	
  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER
  OR LEASE

  	
  54

  
	
  Section 8.1.

  	
  Company May Consolidate, Etc., Only on
  Certain Terms

  	
  54

  
	
  Section 8.1.

  	
  Successor Corporation Substituted

  	
  55

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  SUPPLEMENTAL INDENTURES

  	
  55

  
	
  Section 9.1.

  	
  Supplemental Indentures without Consent of
  Holders

  	
  55

  
	
  Section 9.2.

  	
  Supplemental Indentures with Consent of
  Holders

  	
  57

  
	
  Section 9.3.

  	
  Execution of Supplemental Indentures

  	
  58

  
	
  Section 9.4.

  	
  Effect of Supplemental Indentures

  	
  58

  
	
  Section 9.5.

  	
  Conformity with Trust Indenture Act

  	
  58

  
	
  Section 9.6.

  	
  Reference in Securities to Supplemental
  Indentures

  	
  59

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  COVENANTS

  	
  59

  
	
  Section 10.1.

  	
  Payment of Principal, Premium and Interest

  	
  59

  
	
  Section 10.2.

  	
  Maintenance of Office or Agency

  	
  59

  
	
  Section 10.3.

  	
  Money for Security Payments to be Held in
  Trust

  	
  60

  
	
  Section 10.4.

  	
  Statement as to Compliance

  	
  61

  
	
  Section 10.5.

  	
  Waiver of Certain Covenants

  	
  61

  
	
  Section 10.6.

  	
  Additional Sums

  	
  61

  
	
  Section 10.7.

  	
  Additional Covenants

  	
  63

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  REDEMPTION OF SECURITIES

  	
  64

  
	
  Section 11.1.

  	
  Applicability of This Article

  	
  64

  
	
  Section 11.2.

  	
  Election to Redeem; Notice to Trustee

  	
  64

  
	
  Section 11.3.

  	
  Selection of Securities to be Redeemed

  	
  64

  
	
  Section 11.4.

  	
  Notice of Redemption

  	
  65

  
	
  Section 11.5.

  	
  Deposit of Redemption Price

  	
  66

  
	
  Section 11.6.

  	
  Payment of Securities Called for Redemption

  	
  66

  
	
  Section 11.7.

  	
  Right of Redemption of Securities Initially
  Issued to a SCBT Capital Trust

  	
  66

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  SINKING FUNDS

  	
  67

  
	
  Section 12.1.

  	
  Applicability of Article

  	
  67

  
	
  Section 12.1.

  	
  Satisfaction of Sinking Fund Payments with
  Securities

  	
  67

  
	
  Section 12.3.

  	
  Redemption of Securities for Sinking Fund

  	
  67

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
  SUBORDINATION OF SECURITIES

  	
  69

  
	
  Section 13.1.

  	
  Securities Subordinate to Senior and
  Subordinated Debt

  	
  69

  
	
  Section 13.2.

  	
  Payment Over of Proceeds Upon Dissolution,
  Etc

  	
  69

  
	
  Section 13.3.

  	
  Prior Payment to Senior and Subordinated
  Debt Upon Acceleration of Securities

  	
  70

  
	
  Section 13.4.

  	
  No Payment When Senior and Subordinated
  Debt in Default

  	
  71

  
	
  Section 13.5.

  	
  Payment Permitted if No Default

  	
  72

  

 

iii

 

	
  Section 13.6.

  	
  Subrogation to Rights of Holders of Senior
  and Subordinated Debt

  	
  72

  
	
  Section 13.7.

  	
  Provisions Solely to Define Relative Rights

  	
  73

  
	
  Section 13.8.

  	
  Trustee to Effectuate Subordination

  	
  73

  
	
  Section 13.9.

  	
  No Waiver of Subordination Provisions

  	
  73

  
	
  Section 13.10.

  	
  Notice to Trustee

  	
  74

  
	
  Section 13.11.

  	
  Reliance on Judicial Order or Certificate
  of Liquidating Agent

  	
  75

  
	
  Section 13.12.

  	
  Trustee Not Fiduciary for Holders of Senior
  and Subordinated Debt

  	
  75

  
	
  Section 13.13.

  	
  Rights of Trustee as Holder of Senior and
  Subordinated Debt; Preservation of Trustee’s Rights

  	
  75

  
	
  Section 13.14.

  	
  No Recourse

  	
  75

  
	
  Section 13.15.

  	
  Article Applicable to Paying Agents

  	
  75

  
	
  Section 13.16.

  	
  Certain Conversions or Exchanges Deemed
  Payment

  	
  76

  

 

iv

 

                                                JUNIOR
SUBORDINATED INDENTURE (hereinafter called the “Indenture”) between SCBT
FINANCIAL CORPORATION, a South Carolina corporation (the “Company”) having its
principal office at 520 Gervais Street, Columbia, South Carolina 29201, and
[WILMINGTON TRUST COMPANY, a Delaware banking corporation], not in its
individual capacity but solely as Trustee (hereinafter called the “Trustee”).

 

RECITALS OF THE COMPANY

 

                                                The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured junior subordinated
debt securities in series (hereinafter called the “Securities”) of
substantially the tenor hereinafter provided, including, without limitation,
Securities issued to evidence loans made to the Company of the proceeds from
the issuance from time to time by a statutory trust (“SCBT Capital Trust IV” or
the “SCBT Capital Trust”) of preferred beneficial interests in the Trust (the “Preferred
Capital Securities”) and common beneficial interests in the Trust (the “Common
Securities” and, collectively with the Preferred Capital Securities, the “Preferred
Trust Securities”), and to provide the terms and conditions upon which the
Securities are to be authenticated, issued and delivered.

 

                                                All
things necessary to make the Securities, when executed by the Company and
authenticated and delivered hereunder and duly issued by the Company the valid
and legally binding obligations of the Company, and to make this Indenture a
valid and legally binding agreement of the Company, in accordance with their
and its terms, have been done.

 

                                                NOW
THEREFORE, THIS INDENTURE WITNESSETH:

 

                                                For
and in consideration of the premises and the purchase of the Securities by the
Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of any series
thereof, as follows:

 

ARTICLE I

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.1. Definitions.

 

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

 

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

 

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

 

1

 

(3)               All accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles, and the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder
shall mean such accounting principles which are generally accepted in the
United States at the date or time of such computation; provided that when two
or more principles are so generally accepted, it shall mean that set of
principles consistent with those in use by the Company; and

 

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

 

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

 

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

 

                                                “Additional
Sums” has the meaning specified in Section 10.6.

 

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

 

                                                “Administrator”
means, in respect of SCBT Capital Trust, each Person identified as an “Administrator”
or an “Administrative Agent” in the Trust Agreement, solely in such Person’s
capacity as Administrator or an Administrative Agent, as the case may be, of
SCBT Capital Trust under the Trust Agreement and not in such Person’s
individual capacity, or any successor administrative trustee or successor
administrative agent, as the case may be, appointed as therein provided.

 

                                                “Affiliate”
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person; provided, however, the SCBT Capital Trust in which
Securities have been issued shall not be deemed to be an Affiliate of the
Company.

 

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

 

                                                “Allocable
Amounts,” when used with respect to any Senior and Subordinated Debt, means
all amounts due or to become due on such Senior and Subordinated Debt less, if
applicable, any amount which would have been paid to, and retained by, the
holders of such 

 

2

 

Senior and Subordinated Debt (whether as a result of the receipt of
payments by the holders of such Senior and Subordinated Debt from the Company
or any other obligor thereon or from any holders of, or trustee in respect of,
other indebtedness that is subordinate and junior in right of payment to such
Senior and Subordinated Debt pursuant to any provision of such indebtedness for
the payment over of amounts received on account of such indebtedness to the
holders of such Senior and Subordinated Debt or otherwise), but for the fact
that such Senior and Subordinated Debt is subordinate or junior in right of
payment to (or subject to a requirement that amounts received on such Senior
and Subordinated Debt be paid over to obligees on) trade accounts payable or
accrued liabilities arising in the ordinary course of business.

 

                                                “Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.11
to act on behalf of the Trustee to authenticate Securities of one or more
series.

 

                                                “Authorized
Newspaper” has the meaning set forth in Section 3.7.

 

                                                “Board
of Directors” means either the board of directors of the Company or any
committee of that board duly authorized to act hereunder.

 

                                                “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, or such committee of the Board of Directors or officers of the
Company 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 Trustee.

 

                                                “Business
Day” means any day other than (i) a Saturday or Sunday, (ii) a
day on which banking institutions in The City of New York are authorized or
required by law or executive order to remain closed or (iii) a day on
which the Corporate Trust Office of the Trustee, or, with respect to the
Securities of a series initially issued to the SCBT Capital Trust, the
principal office of the Property Trustee under the Trust Agreement, is closed for
business.

 

                                                “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 on such date.

 

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

 

                                                “Common
Stock” means the common stock, par value $2.50 per share, of the Company.

 

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

 

3

 

                                                “Company
Request” and “Company Order” mean, respectively, the written request or
order signed in the name of the Company by the Chairman of the Board of
Directors, the Vice Chairman of the Board of Directors, its President or a Vice
President, and by its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary of the Company, and delivered to the Trustee.

 

                                                “Corporate
Trust Office” means a principal office of the Trustee at which at any
particular time its corporate trust business shall be administered.

 

                                                “Corporation”
includes a corporation, association, company, joint-stock company or business
trust.

 

                                                “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; (vi) all indebtedness of such Person whether incurred on or prior
to the date of this Indenture or thereafter incurred, for claims in respect of
derivative products, including without limitation, interest rate and foreign
exchange contracts, forward commodity contracts (whether related to mortgages,
securities, commodities, or otherwise), options and swaps and similar
arrangements; and (vii) every obligation of the type referred to in
clauses (i) through (vi) 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 for, directly or indirectly, as obligor or
otherwise.

 

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

 

                                                “Depositary”
means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated
as Depositary by the Company pursuant to Section 3.1 with respect to such
series (or any successor thereto).

 

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

 

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

 

4

 

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

 

                                                “Event
of Default” has the meaning specified in Article V unless otherwise
specified in the supplemental indenture or the Officers’ Certificate delivered
pursuant to Section 3.1 hereof creating a series of Securities.

 

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

 

                                                “Extension
Period” has the meaning specified in Section 3.11.

 

                                                “Global
Security” means a Security in the form prescribed in Section 2.4
evidencing all or part of a series of Securities, issued to the Depositary or
its nominee for such series, and registered in the name of such Depositary or
its nominee.

 

                                                “Guarantee
Agreement” means the Guarantee Agreement substantially in the form attached
hereto as Annex C, or substantially in such form as may be specified as
contemplated by Section 3.1 with respect to the Securities of any series,
in each case as amended from time to time.

 

                                                “Holder”
means a Person in whose name a Security is registered in the Securities
Register.

 

                                                “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 pursuant to the applicable provisions hereof or one or more Officers’
Certificates delivered pursuant to Section 3.1 and shall include the terms
of each particular series of Securities established as contemplated by Section 3.1.

 

                                                “Interest
Payment Date” means as to each series of Securities, the Stated Maturity of
an installment of interest on such Securities.

 

                                                “Junior
Subordinated Payment” has the meaning specified in Section 13.2.

 

                                                “Maturity”
when used with respect to any Security means the date on which the principal of
such Security becomes due and payable as therein or herein provided, whether at
the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise.

 

                                                “Moody’s”
means Moody’s Investors Service, Inc.

 

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

 

5

 

                                                “Opinion
of Counsel” means a written opinion of counsel, who may be counsel for the
Company.

 

                                                “Original
Issue Date” means the date of issuance specified as such in each Security.

 

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

 

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

 

(b)              Securities for whose payment money in the
necessary amount has been theretofore deposited with the Trustee or any Paying
Agent in trust for the Holders of such Securities; and

 

(c)               Securities in substitution for or in
lieu of which other Securities have been authenticated and delivered or which
have been paid pursuant to Section 3.6, unless proof satisfactory to the
Trustee is presented that any such Securities are held by Holders in whose
hands such Securities are valid, binding and legal obligations of the Company;

 

provided, however, that in determining whether
the Holders of the requisite principal amount of Outstanding Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities
which a Responsible Officer of the Trustee actually knows to be so owned shall
be so disregarded. Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or
any Affiliate of the Company or such other obligor. Upon the written request of
the Trustee, the Company shall promptly furnish to the Trustee an Officers’
Certificate listing and identifying all Securities, if any, known by the
Company to be owned or held by or for the account of the Company, or any other
obligor on the Securities or any Affiliate of the Company or such obligor, and,
subject to the provisions of Section 6.2, the Trustee shall be entitled to
accept such Officers’ Certificate as conclusive evidence of the facts therein
set forth and of the fact that all Securities not listed therein are
Outstanding for the purpose of any such determination.

 

                                                “Paying
Agent” means the Trustee or any Person authorized by the Company to pay the
principal of or interest on any Securities on behalf of the Company.

 

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

 

6

 

                                                “Place
of Payment” means, with respect to the Securities of any series, the place
or places where the principal of (and premium, if any) and interest on the
Securities of such series are payable pursuant to Sections 3.1 and 3.11.

 

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

 

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

 

                                                “Proceeding”
has the meaning specified in Section 13.2.

 

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

 

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

 

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

 

                                                “Regular
Record Date” for the interest payable on any Interest Payment Date with
respect to the Securities of a series means, unless otherwise provided pursuant
to Section 3.1 with respect to Securities of a series, (i) in the
case of Securities of a series represented by one or more Global Securities,
the Business Day next preceding such Interest Payment Date and (ii) in the
case of Securities of a series not represented by one or more Global
Securities, the date which is fifteen days next preceding such Interest Payment
Date (whether or not a Business Day).

 

                                                “Responsible
Officer” when used with respect to the Trustee means any officer of the
Trustee assigned by the Trustee from time to time to administer its corporate
trust matters and who shall have direct responsibility for the administration
of this Indenture.

 

                                                “S&P”
means Standard & Poor’s Ratings Services.

 

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

 

7

 

                                                “SCBT
Guarantee” means the guarantee by the Company of distributions on the
Preferred Capital Securities of SCBT Capital Trust to the extent provided in
the Guarantee Agreement.

 

                                                “Securities”
or “Security” means any debt securities or debt security, as the case
may be, authenticated and delivered under this Indenture.

 

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

 

                                                “Senior
and Subordinated Debt” means the principal of (and premium, if any) and
interest, if any (including any deferred interest and 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 of the Company, 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 Securities, provided, however, that Senior and Subordinated Debt shall not
be deemed to include (a) any Debt of the Company which, when incurred and
without respect to any election under Section 1111(b) of the
Bankruptcy Reform Act of 1978, as amended, was without recourse to the Company,
(b) any Debt of the Company to any of its Subsidiaries, (c) Debt to
any employee or director of the Company, and (d) any Securities or other
securities or obligations which, by their terms, are expressly stated to rank
pari passu in right of payment with the Securities.

 

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

 

                                                “Stated
Maturity” when used with respect to any Security or any installment of
principal thereof or interest thereon means the date specified pursuant to the
terms of such Security as the date on which the principal of such Security or
such installment of interest is due and payable, in the case of such principal,
as such date may be shortened or extended as provided pursuant to the terms of
such Security and this Indenture.

 

                                                “Subsidiary”
means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other
Subsidiaries, or by the Company and one or more other Subsidiaries. For
purposes of this definition, “voting stock” means stock which ordinarily has
voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any
contingency.

 

                                                “Tax
Event” means the receipt by the SCBT Capital Trust of an Opinion of Counsel
(as defined in the SCBT Capital Trust Agreement) experienced in such matters to
the effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision or 

 

8

 

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 Preferred
Capital Securities of SCBT Capital Trust, there is more than an insubstantial
risk that (i) the SCBT Capital Trust is, or will be within 90 days of the
date of such Opinion of Counsel, subject to United States Federal income tax
with respect to income received or accrued on the corresponding series of
Securities, (ii) interest payable by the Company on such corresponding
series of Securities is not, or within 90 days of the date of such Opinion of
Counsel, will not be, deductible by the Company, in whole or in part, for
United States Federal income tax purposes or (iii) the SCBT Capital Trust
is, or will be within 90 days of the date of such Opinion of Counsel, subject
to more than a de minimis amount of other taxes, duties or other governmental
charges.

 

                                                “Trust
Agreement” means the Trust Agreement substantially in the form attached
hereto as Annex A, as amended by the form of Amended and Restated Trust
Agreement substantially in the form attached hereto as Annex B, or
substantially in such form as may be specified as contemplated by Section 3.1
with respect to the Securities of any series, in each case as amended from time
to time.

 

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

 

                                                “Trust
Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. (S)(S) 77aaa-77bbb),
as amended and as in effect on the date as of this Indenture, except as
provided in Section 9.5.

 

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

 

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

 

Section 1.2. Compliance Certificate and Opinions.

 

                                                Upon
any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee
an Officers’ Certificate stating that all conditions precedent (including
covenants, compliance with which constitutes a condition precedent), if any,
provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent (including covenants compliance with
which 

 

9

 

constitute a condition precedent), if any, have been complied with,
except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

 

                                                Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than the certificates provided pursuant
to Section 10.5) shall include:

 

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

 

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

 

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

 

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

 

Section 1.3. Forms of Documents Delivered to Trustee.

 

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

 

                                                Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
matters upon which his certificate or opinion is based are erroneous. Any such
certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are erroneous.  Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements,
opinions, or other instruments under this Indenture, they may, but need not, be
consolidated and form one instrument.

 

10

 

Section 1.4. Acts of Holders.

 

(a)               Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given to or taken by Holders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in
person or by an agent or proxy duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments is or are delivered to the Trustee, and, where it is
hereby expressly required, to the Company. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.2)
conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

 

(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 the certificate of any 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 Person acting in other than his
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his authority.

 

(c)               The fact and date of the execution by
any Person of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee
deems sufficient and in accordance with such reasonable rules as the
Trustee may determine.

 

(d)              The ownership of Securities shall be
proved by the Securities Register.

 

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

 

(f)                 The Company may set any day as a
record date for the purpose of determining the Holders of Outstanding
Securities of any series entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be given, made or taken by Holders of Securities
of such series, provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or
making of any notice, declaration, request or direction referred to in the next
paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other
Holders, shall be entitled to take the relevant action, whether or not such
Holders remain Holders after such record date, provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal

 

11

 

amount of
Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Company from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be canceled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date
is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 1.6.

 

                                                The
Trustee may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to join in the giving
or making of (i) any declaration of acceleration referred to in Section 5.2,
(ii) any request to institute proceedings referred to in Section 5.7(2) or
(iii) any direction referred to in Section 5.12, in each case with
respect to Securities of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders
after such record date, provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders
of the requisite principal amount of Outstanding Securities of such series on
such record date. Nothing in this paragraph shall be construed to prevent the
Trustee from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date
previously set shall automatically and with no action by any Person be canceled
and of no effect), and nothing in this paragraph shall be construed to render
ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Trustee,
at the Company’s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the
manner set forth in Section 1.6.

 

                                                With
respect to any record date set pursuant to this Section, the party hereto which
sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day,
provided that no such change shall be effective unless notice of the proposed
new Expiration Date is given to the other party hereto in writing, and to each
Holder of Securities of the relevant series in the manner set forth in Section 10.6,
on or prior to the existing Expiration Date. If an Expiration Date is not
designated with respect to any record date set pursuant to this Section, the
party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day after the applicable record date.

 

12

 

(g)              Without limiting the foregoing, a Holder
entitled hereunder to take any action hereunder with regard to any particular
Security may do so with regard to all or any part of the principal amount of
such 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 principal
amount.

 

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

 

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

 

(1)               the Trustee by any Holder, any holder of
Preferred Capital Securities or the Company shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the
Trustee at its Corporate Trust office, or

 

(2)               the Company by the Trustee, any Holder
or any holder of Preferred Capital Securities shall be sufficient for every
purpose (except as otherwise provided in Section 5.1) hereunder if in
writing and mailed, first class, postage prepaid, to the Company, addressed to
it at the address of its principal office specified in the first paragraph of
this instrument or at any other address previously furnished in writing to the
Trustee by the Company.

 

Section 1.6. Notice to Holders; Waiver.

 

                                                Where
this Indenture provides for notice to Holders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first class postage prepaid, to each Holder affected by
such event, at the address of such Holder as it appears in the Securities
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Holders is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders. Where this Indenture
provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such
waiver.

 

Section 1.7. Conflict with Trust Indenture Act.

 

                                                If
any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act
through operation of Section 318(c) thereof, such imposed duties
shall control.

 

13

 

Section 1.8. Effect of Headings and Table of Contents.

 

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

 

Section 1.9. Successors and Assigns.

 

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

 

Section 1.10. Separability Clause.

 

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

 

Section 1.11. Benefits of Indenture.

 

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

 

Section 1.12. Governing Law.

 

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

 

Section 1.13. Non-Business Days.

 

                                                In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of
any Security shall not be a Business Day, then (notwithstanding any other
provision of this Indenture or the Securities) payment of interest or principal
(and premium, if any) need not be made on such date, but may be made on the
next succeeding Business Day (and no interest shall accrue for the period from
and after such Interest Payment Date, Redemption Date or Stated Maturity, as
the case may be, until such next succeeding Business Day except that, if such
Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day (in each case with the same
force and effect as if made on the Interest Payment Date or Redemption Date or
at the Stated Maturity)).

 

Section 1.14. Force Majeure.

 

                                                In
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts 

 

14

 

of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

ARTICLE II

 

SECURITY FORMS

 

Section 2.1. Forms Generally.

 

                                                The
Securities of each series shall be in substantially the forms set forth in this
Article, or in such other form or forms as shall be established by or pursuant
to a Board Resolution or in one or more indentures supplemental hereto, in each
case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with applicable tax
laws or the rules of any securities exchange or as may, consistently
herewith, be determined by the officers executing such securities, as evidenced
by their execution of the Securities. If the form of Securities of any series
is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 3.3 with respect
to the authentication and delivery of such Securities.

 

                                                The
Trustee’s certificates of authentication shall be substantially in the form set
forth in this Article.

 

                                                The
definitive Securities shall be printed, lithographed or engraved or produced by
any combination of these methods, if required by any securities exchange on
which the Securities may be listed, on a steel engraved border or steel
engraved borders or may be produced in any other manner permitted by the rules of
any securities exchange on which the Securities may be listed, all as
determined by the officers executing such Securities, as evidenced by their
execution of such securities.

 

Section 2.2. Form of Face of Security.

 

SCBT FINANCIAL CORPORATION

 

    % JUNIOR SUBORDINATED
DEBENTURE DUE

 

	
  Registered

  	
   

  	
  Principal Amount:

  
	
   

  	
   

  	
   

  
	
  No.

  	
   

  	
  CUSIP No.:

  

 

15

 

                                                SCBT
Financial Corporation, a corporation organized and existing under the laws of
South Carolina (hereinafter called the “Company”, which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to       , or
registered assigns, the principal sum of
      Dollars on       ;
provided that the Company may (i) shorten the Stated Maturity of the
principal of this Security to a date not earlier than
      , and (ii) extend the Stated Maturity
of the principal of this Security at any time on one or more occasions, subject
to certain conditions specified in Section 3.14 of the Indenture, but in
no event to a date later than       . The Company
further promises to pay interest on said principal sum from
      or from the most recent interest payment
date (each such date, an “Interest Payment Date”) on which interest has been
paid or duly provided for, quarterly (subject to deferral as set forth herein)
in arrears on the       day of
      ,       ,
      , and       of
each year commencing       at the rate of
      % per annum, until the principal hereof
shall have become due and payable, plus Additional Interest, if any, until the
principal hereof is paid or duly provided for or made available for payment and
on any overdue principal and (without duplication and to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the rate of       %
per annum, compounded quarterly. The amount of interest payable for any period
shall be computed on the basis of twelve 30-day months and a 360-day year. The
amount of interest payable for any partial period shall be computed on the
basis of the number of days elapsed in a 360-day year of twelve 30-day months.
In the event that any date on which interest is payable on this Security is not
a Business Day, then a payment of the interest payable on such date will be
made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay), except that, if such
Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same
force and effect as if made on the date the payment was originally payable. A “Business
Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a
day on which banking institutions in The City of New York are authorized or
required by law or executive order to remain closed or (iii) a day on
which the Corporate Trust Office of the Trustee, or the principal office of the
Property Trustee under the Trust Agreement (hereinafter referred to) for SCBT
Capital Trust is closed for business. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest installment, which shall be
[insert Record Date] next preceding such Interest Payment Date. Any such
interest installment not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less
than       days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on 

 

16

 

which the Securities of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said
Indenture.

 

                                                So
long as no Event of Default has occurred and is continuing, the Company shall
have the right at any time during the term of this Security to defer payment of
interest on this Security, at any time or from time to time, for up to
      consecutive
      interest payment periods with respect to
each deferral period, but up to not less than 20 consecutive quarters (each an “Extension
Period”), (during which Extension Periods the Company shall have the right to
make partial payments of interest on any Interest Payment Date, and at the end
of which the Company shall pay all interest then accrued and unpaid (together
with Additional Interest thereon to the extent permitted by applicable law));
provided, however, that no Extension Period shall extend beyond the Stated
Maturity of the principal of this Security; provided, further, that during any
such Extension Period, the Company shall not, and shall not permit any
Subsidiary of the Company to, (i) declare or pay any dividends or distributions
or redeem, purchase, acquire or make a liquidation payment with respect to, any
of the Company’s capital stock (which includes common and preferred stock), or (ii) make
any payment of principal of or interest or premium, if any, on or repay, repurchase
or redeem any debt security of the Company (including Securities issued by the
Company pursuant to the Indenture other than the Securities represented by this
certificate) that ranks pari passu with or junior in interest to this Security
or make any guarantee payments with respect to any guarantee by the Company of
the debt securities of any Subsidiaries of the Company (including SCBT
Guarantees other than the Guarantee related to the Preferred Capital Securities
issued by SCBT Capital Trust) if such guarantee ranks pari passu with or junior
in interest to this Security (other than (a) dividends or distributions in
Common Stock of the Company, (b) any declaration of a dividend in
connection with the implementation of a stockholders’ rights plan, or the
issuance of stock under any such plan in the future or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the
SCBT Guarantee related to the Preferred Capital Securities issued by SCBT
Capital Trust, and (d) purchases of Common Stock related to the issuance
of Common Stock or rights under any of the Company’s benefit plans for its
directors, officers or employees). Prior to the termination of any such
Extension Period, the Company may further extend such Extension Period,
provided that such extension does not cause such Extension Period to exceed
      consecutive interest payment periods or to
extend beyond the Stated Maturity. Upon the termination of any such Extension
Period and upon the payment of all amounts then due, and subject to the
foregoing limitation, the Company may elect to begin a new Extension Period. No
interest shall be due and payable during an Extension Period except at the end
thereof. The Company shall give the Trustee, the Property Trustee and the Administrators
of SCBT Capital Trust notice of its election to begin any Extension Period at
least       Business Days prior to the earlier of
(i) the date on which Distributions on the Preferred Capital Securities
would be payable except for the election to begin such Extension Period, or (ii) the
date the Administrators are required to give notice to any automated quotation
system or to holders of such Preferred Capital Securities of the record date or
the date such Distributions are payable, but in any event not less than
       Business Days prior to such record date.

 

17

 

                                                Payment
of the principal of (and premium, if any) and interest on this Security will be
made at the office or agency of the Company maintained for that purpose in the
United States, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be
made (i) by check mailed to the address of the Person entitled thereto as
such address shall appear in the Securities Register or (ii) by wire
transfer in immediately available funds at such place and to such account as
may be designated by the Person entitled thereto as specified in the Securities
Register. The indebtedness evidenced by this Security is, to the extent
provided in the Indenture, unsecured and will rank junior and subordinate and
subject in right of payments to the prior payment in full of all Senior and
Subordinated Debt, and this Security is issued subject to the provisions of the
Indenture with respect thereto. Each Holder of this Security, by accepting the
same, (a) agrees to and shall be bound by such provisions, (b) authorizes
and directs the Trustee on his behalf to take such actions as may be necessary
or appropriate to effectuate the subordination so provided and (c) appoints
the Trustee his attorney-in-fact for any and all such purposes. Each Holder
hereof, by his acceptance hereof, waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder
of Senior and Subordinated Debt, whether now outstanding or hereafter incurred,
and waives reliance by each such holder upon said provisions.

 

                                                Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

                                                Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual or facsimile signature, this
Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

                                                IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal.

 

SCBT FINANCIAL CORPORATION

 

	
  By:

  	
   

  	
   

  
	
   

  	
  [President or Vice President]

  

 

 

Section 2.3. Form of Reverse of Security.

 

                                                This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued and to be issued in one or more series under a
Junior Subordinated Indenture, dated as of
      (herein called the “Indenture”), between
the Company and [Wilmington Trust Company], not in its individual capacity but
solely as Trustee (herein

 

18

 

called the “Trustee”, which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Securities, and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to
$      .

 

                                                All
terms used in this Security that are defined in the Indenture and in the Trust
Agreement, dated as of       ,
      , as amended (the “Trust Agreement”), for
SCBT Capital Trust IV among SCBT Financial Corporation, as Depositor, the
Administrators and the Trustees named therein, shall have the meanings assigned
to them in the Indenture or the Trust Agreement, as the case may be.

 

                                                [If
applicable, insert—The Company may at any time, at its option, on or after
      , and subject to the terms and conditions
of Article XI of the Indenture], [if applicable insert—and subject to the
Company having received prior approval of the Board of Governors of the Federal
Reserve System (the “Federal Reserve”) if then required under applicable
capital guidelines or policies of the Federal Reserve] redeem this Security [in
whole at any time] [or in part from time to time], without premium or penalty,
at a redemption price equal to [insert redemption price] to the Redemption
Date.]

 

                                                [If
applicable, insert—Upon the occurrence and during the continuation of a Tax
Event in respect of SCBT Capital Trust, the Company may, at its option, at any
time within 90 days of the occurrence of such Tax Event redeem this Security,
[if applicable, insert—in whole but not in part], subject to the provisions of Section 11.7
and the other provisions of Article XI of the Indenture, at a redemption
price equal to [insert redemption price] to the Redemption Date.

 

                                                [If
applicable, insert—In the event of redemption of this Security in part only, a
new Security or Securities of this series for the portion hereof not redeemed
will be issued in the name of the Holder hereof upon the cancellation hereof.]

 

                                                The
Indenture contains provisions for satisfaction and discharge of the entire
indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture.

 

                                                The
Indenture permits, with certain exceptions as therein provided, the Company and
the Trustee at any time to enter into a supplemental indenture or indentures
for the purpose of modifying in any manner the rights and obligations of the
Company and of the Holders of the Securities, with the consent of the Holders
of not less than a majority in principal amount of the Outstanding Securities
of each series to be affected by such supplemental indenture. The Indenture
also contains provisions permitting Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of
the Holders of all Securities of such series, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such 

 

19

 

consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

 

                                                [If
the Security is not a Discount Security,—As provided in and subject to the
provisions of the Indenture, if an Event of Default with respect to the
Securities of this series at the time Outstanding occurs and is continuing,
then and in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of this series may declare the
principal amount of all the Securities of this series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), provided that, in the case of the Securities of this series issued
to SCBT Capital Trust, if upon an Event of Default, the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Securities of this
series fails to declare the principal of all the Securities of this series to
be immediately due and payable, the holders of at least 25% in aggregate
Liquidation Amount of the Preferred Capital Securities then outstanding shall
have such right by a notice in writing to the Company and the Trustee; and upon
any such declaration the principal amount of and the accrued interest
(including any Additional Interest) on all the Securities of this series shall
become immediately due and payable, provided that the payment of principal and
interest (including any Additional Interest) on such Securities shall remain
subordinated to the extent provided in Article XIII of the Indenture.]

 

                                                [If
the Security is a Discount Security,—As provided in and subject to the
provisions of the Indenture, if an Event of Default with respect to the
Securities of this series at the time Outstanding occurs and is continuing,
then and in every such case the Trustee or the Holders of not less than such
portion of the principal amount as may be specified in the terms of this series
may declare an amount of principal of the Securities of this series to be due
and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), provided that, in the case of the Securities of
this series issued to a SCBT Capital Trust, if upon an Event of Default, the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of this series fails to declare the principal of all the
Securities of this series to be immediately due and payable, the holders of at
least 25% in aggregate Liquidation Amount of the Preferred Capital Securities
then outstanding shall have such right by a notice in writing to the Company
and the Trustee. Such amount shall be equal to [insert formula for determining
the amount]. Upon any such declaration, such amount of the principal of and the
accrued interest (including any Additional Interest) on all the Securities of
this series shall become immediately due and payable, provided that the payment
of principal and interest (including any Additional Interest) on such
Securities shall remain subordinated to the extent provided in Article XIII
of the Indenture. Upon payment (i) of the amount of principal so declared
due and payable and (ii) of interest on any overdue principal and overdue
interest (in each case to the extent that the payment of such interest shall be
legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of and interest, if any, on this Security shall
terminate.]

 

20

 

No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of (and premium, if any)
and interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed.

 

As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Securities
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company maintained under Section 10.2 of the
Indenture duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Securities Registrar duly executed
by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee
or transferees. No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this series are issuable only in registered form
without coupons in denominations of minimum denominations of $100,000 and any
integral multiples of $1,000 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of such
series of a different authorized denomination, as requested by the Holder
surrendering the same.

 

The Company and, by its acceptance of this Security or a beneficial
interest therein, the Holder of, and any Person that acquires a beneficial
interest in, this Security agree that for United States Federal, state and
local tax purposes it is intended that this Security constitute indebtedness.

 

THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF.

 

Section 2.4. Additional Provisions Required in Global Security.

 

Any Global Security issued hereunder shall, in addition to the
provisions contained in Sections 2.2 and 2.3, bear a legend in substantially
the following form:

 

21

 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY.”

 

Section 2.5. Form of Trustee’s Certificate of
Authentication.

 

This Certificate represents Securities referred to in the within
mentioned Indenture.

 

Dated:

 

	
   

  	
  [WILMINGTON TRUST COMPANY],

  
	
   

  	
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Officer

  

 

 

ARTICLE III

 

THE SECURITIES

 

Section 3.1. Title and Terms.

 

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

 

The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers’
Certificate (such Officers’ Certificate shall have the effect of a supplemental
indenture for all purposes hereunder), or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of a series:

 

(a)     the title of the securities of such series, which
shall distinguish the Securities of the series from all other Securities;

 

(b)     the limit, if any, upon the aggregate principal
amount of the Securities of such series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or
11.6 and except for any 

 

22

 

Securities which, pursuant to Section 3.3, are deemed never to
have been authenticated and delivered hereunder); provided, however, that the
authorized aggregate principal amount of such series may be increased above
such amount by a Board Resolution to such effect;

 

(c)     the Stated Maturity or Maturities on which the
principal of the Securities of such series is payable or the method of
determination thereof;

 

(d)     the rate or rates, if any, at which the Securities
of such series shall bear interest, if any, the rate or rates and extent to
which Additional Interest, if any, shall be payable in respect of any
Securities of such series, the Interest Payment Dates on which such interest
shall be payable, the right, pursuant to Section 3.11 or as otherwise set
forth therein, of the Company to defer or extend an Interest Payment Date, and
the Regular Record Date for the interest payable on any Interest Payment Date
or the method by which any of the foregoing shall be determined;

 

(e)     the place or places where the principal of (and
premium, if any) and interest on the Securities of such series shall be
payable, the place or places where the Securities of such series may be
presented for registration of transfer or exchange, and the place or places
where notices and demands to or upon the Company in respect of the Securities
of such series may be made;

 

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

 

(g)     the obligation or the right, if any, of the
Company to prepay, repay or purchase the Securities of such series pursuant to
any sinking fund, amortization or analogous provisions, or at the option of a
Holder thereof, and the period or periods within which, the price or prices at
which, the currency or currencies (including currency unit or units) in which
and the other terms and conditions upon which Securities of the series shall be
redeemed, repaid or purchased, in whole or in part, pursuant to such
obligation;

 

(h)     the denominations in which any Securities of such
series shall be issuable, if other than denominations of $100,000 and any
integral multiples of $1,000 in excess thereof;

 

(i)      if other than Dollars, the currency or currencies
(including currency unit or units) in which the principal of (and premium, if
any) and interest, if any, on the Securities of the series shall be payable, or
in which the Securities of the series shall be denominated;

 

(j)      the additions, modifications or deletions, if
any, in the Events of Default or covenants of the Company set forth herein with
respect to the Securities of such series;

 

(k)     if other than the principal amount thereof, the
portion of the principal amount of Securities of such series that shall be
payable upon declaration of acceleration of the Maturity thereof;

 

23

 

(l)      the additions or changes, if any, to this
Indenture with respect to the Securities of such series as shall be necessary to
permit or facilitate the issuance of the Securities of such series in bearer
form, registrable or not registrable as to principal, and with or without
interest coupons;

 

(m)    any index or indices used to determine the amount
of payments of principal of and premium, if any, on the Securities of such
series or the manner in which such amounts will be determined;

 

(n)     whether the Securities of the series, or any
portion thereof, shall initially be issuable in the form of a temporary Global
Security representing all or such portion of the Securities of such series and
provisions for the exchange of such temporary Global Security for definitive
Securities of such series;

 

(o)     if applicable, that any Securities of the series
shall be issuable in whole or in part in the form of one or more Global
Securities and, in such case, the respective Depositaries for such Global
Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 2.4
and any circumstances in addition to or in lieu of those set forth in Section 3.5
in which any such Global Security may be exchanged in whole or in part for
Securities registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof;

 

(p)     the appointment of any Paying Agent or Agents for
the Securities of such series;

 

(q)     the terms of any right to convert or exchange Securities
of such series into any other securities or property of the Company, and the
additions or changes, if any, to this Indenture with respect to the Securities
of such series to permit or facilitate such conversion or exchange;

 

(r)      the form or forms of the Trust Agreement, Amended
and Restated Trust Agreement and Guarantee Agreement, if different from the
forms attached hereto as Annexes A, B and C, respectively;

 

(s)     the relative degree, if any, to which the
Securities of the series shall be senior to or be subordinated to other series
of Securities in right of payment, whether such other series of Securities are
Outstanding or not; and

 

(t)      any other terms of the Securities of the series
to be issued.

 

All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided herein or in
or pursuant to such Board Resolution and set forth in such Officers’
Certificate or in any such indenture supplemental hereto.

 

24

 

If any of the terms of the series are established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary or an Assistant Secretary of the Company
and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of the series.

 

The Securities shall be subordinated in right of payment to Senior and
Subordinated Debt as provided in Article XIII.

 

Section 3.2. Denominations.

 

The Securities of each series shall be in registered form without
coupons and shall be issuable in minimum denominations of $100,000 and integral
multiples of $1,000 in excess thereof, unless otherwise specified as
contemplated by Section 3.1.

 

Section 3.3. Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of the Company by its
President or one of its Vice Presidents under its corporate seal reproduced or
impressed thereon and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities may be
manual or facsimile. Securities bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased
to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities. At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1,
in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be provided with, and (subject to Section 6.2) shall be
fully protected in relying upon, an Opinion of Counsel stating,

 

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

 

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

 

(3)     that such Securities, when authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company enforceable in 

 

25

 

accordance with their 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.

 

If such form or terms have been so established, the Trustee shall not
be required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee’s own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions of Section 3.1 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers’ Certificate otherwise
required pursuant to Section 3.1 or the Company Order and Opinion of
Counsel otherwise required pursuant to such preceding paragraph at or prior to
the authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

 

Each Security shall be dated the date of its authentication.

 

No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
officers, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and
delivered hereunder. Notwithstanding the foregoing, if any Security shall have
been authenticated and delivered hereunder but never issued and sold by the
Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.9, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

Section 3.4. Temporary Securities.

 

Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any denomination, substantially of the
tenor of the definitive Securities of such series in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities.

 

If temporary Securities of any series are issued, the Company will
cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities, the temporary Securities
shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at the office or agency of the Company designated 

 

26

 

for that purpose without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series of authorized denominations having the
same Original Issue Date and Stated Maturity and having the same terms as such
temporary Securities. Until so exchanged, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series.

 

Section 3.5. Registration, Transfer and Exchange.

 

The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. Such register is herein sometimes referred to as the “Securities
Register.” The Trustee is hereby appointed “Securities Registrar” for the
purpose of registering Securities and transfers of Securities as herein
provided.

 

Upon surrender for registration of transfer of any Security at the
office or agency of the Company designated for that purpose, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series of any authorized denominations, of a like aggregate principal amount,
of the same Original Issue Date and Stated Maturity and having the same terms.

 

At the option of the Holder, Securities may be exchanged for other
Securities of the same series of any authorized denominations, of a like
aggregate principal amount, of the same Original Issue Date and Stated Maturity
and having the same terms, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any securities are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

 

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

 

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

 

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

 

27

 

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

 

The provisions of Clauses (1), (2), (3) and (4) below shall
apply only to Global Securities:

 

(1)     Each Global Security authenticated under this
Indenture shall be registered in the name of the Depositary designated for such
Global Security or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

 

(2)     Notwithstanding any other provision in this
Indenture, no Global Security may be exchanged in whole or in part for
Securities registered, and no transfer of a Global Security in whole or in part
may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary (i) has
notified the Company that it is unwilling or unable to continue as Depositary
for such Global Security or (ii) has ceased to be a clearing agency
registered under the Exchange Act at a time when the Depositary is required to
be so registered to act as depositary, in each case unless the Company has
approved a successor Depositary within 90 days, (B) there shall have
occurred and be continuing an Event of Default with respect to such Global
Security, (C) the Company in its sole discretion determines that such
Global Security will be so exchangeable or transferable or (D) there shall
exist such circumstances, if any, in addition to or in lieu of the foregoing as
have been specified for this purpose as contemplated by Section 3.1.

 

(3)     Subject to Clause (2) above, any exchange of
a Global Security for other Securities may be made in whole or in part, and all
Securities issued in exchange for a Global Security or any portion thereof
shall be registered in such names as the Depositary for such Global Security
shall direct.

 

(4)     Every Security authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global
Security or any portion thereof, whether pursuant to this Section, Section 3.4,
3.6, 9.6 or 11.6 or otherwise, shall be authenticated and delivered in the form
of, and shall be, a Global Security, unless such Security is registered in the
name of a Person other than the Depositary for such Global Security or a
nominee thereof.

 

Neither the Company nor the Trustee shall be required, pursuant to the
provisions of this Section, (a) to issue, transfer or exchange any
Security of any series during a period beginning at the opening of business 15
days before the day of selection for redemption of Securities pursuant to Article XI
and ending at the close of business on the day of mailing of notice of
redemption or (b) to transfer or exchange any Security so selected for
redemption in whole or in part, except, in the case of any Security to be
redeemed in part, any portion thereof not to be redeemed.

 

28

 

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

 

If any
mutilated Security is surrendered to the Trustee together with such security or
indemnity as may be required by the Company or the Trustee to save each of them
harmless, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same issue and series of
like tenor and principal amount, having the same Original Issue Date and Stated
Maturity, and bearing a number not contemporaneously outstanding.

 

If there shall
be delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security, and (ii) such
security or indemnity as may be required by them to save each of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security
has been acquired by a bona fide purchaser, the Company shall execute and upon
its request the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same issue and series
of like tenor and principal amount, having the same Original Issue Date and
Stated Maturity as such destroyed, lost or stolen Security, and bearing a
number not contemporaneously outstanding.

 

In case any
such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a
new Security, pay such Security.

 

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

 

Every new
Security issued pursuant to this Section in lieu of any destroyed, lost or
stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen Security shall be
at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities
duly issued hereunder.

 

The provisions
of this Section 3.6 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

Section 3.7. Payment of Interest; Interest Rights Preserved.

 

Interest on
any Security of any series which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date, shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest in
respect of Securities of such series, except that, 

 

29

 

unless otherwise provided in
the Securities of such series, interest payable on the Stated Maturity of the
principal of a Security shall be paid to the Person to whom principal is paid.
The initial payment of interest on any Security of any series which is issued
between a Regular Record Date and the related Interest Payment Date shall be
payable as provided in such Security or in the Board Resolution pursuant to Section 3.1
with respect to the related series of Securities.

 

Any interest
on any Security which is payable, but is not timely paid or duly provided for,
on any Interest Payment Date for Securities of such series (herein called “Defaulted
Interest”), shall forthwith cease to be payable to the registered Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in Clause (1) or (2) below:

 

(1)     The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series in respect of which interest is in
default (or their respective Predecessor Securities) are registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Security and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this
Clause provided. Thereupon, the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15 days and not
less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and,
in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class, postage prepaid, to each Holder of a
Security of such series at the address of such Holder as it appears in the
Securities Register not less than 10 days prior to such Special Record Date.
The Trustee may, in its discretion, in the name and at the expense of the
Company, cause a similar notice to be published at least once in a newspaper,
customarily published in the English language on each Business Day and of
general circulation in the Borough of Manhattan (an “Authorized Newspaper”),
The City of New York, but such publication shall not be a condition precedent
to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having
been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names the Securities of such series (or their respective Predecessor
Securities) are registered on such Special Record Date and shall no longer be
payable pursuant to the following Clause (2).

 

The Company may make payment of any Defaulted Interest in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of the 

 

30

 

series in respect of which interest is in default may be listed and,
upon such notice as may be required by such exchange (or by the Trustee if the
Securities are not listed), if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this Clause, such payment shall be
deemed practicable by the Trustee.

 

Subject to the
foregoing provisions of this Section 3.7, each Security delivered under
this Indenture upon transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security.

 

Section 3.8. Persons Deemed Owners.

 

The Company,
the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name any Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and (subject to Section 3.7)
any interest on such Security and for all other purposes whatsoever, whether or
not such Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

Section 3.9. Cancellation

 

All Securities
surrendered for payment, redemption, transfer or exchange shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee, and any such
Securities and Securities surrendered directly to the Trustee for any such
purpose shall be promptly canceled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section, except as expressly permitted
by this Indenture. All canceled Securities shall be disposed of by the Trustee
and the Trustee shall deliver to the Company upon its request therefor a
certificate of such disposal.

 

Section 3.10. Computation of Interest.

 

Except as
otherwise specified as contemplated by Section 3.1 for Securities of any
series, interest on the Securities of each series for any period shall be
computed on the basis of a 360-day year of twelve 30-day months and interest on
the Securities of each series for any partial period shall be computed on the
basis of the number of days elapsed in a 360-day year of twelve 30-day months.

 

Section 3.11. Deferrals of Interest Payment Dates.

 

If specified
as contemplated by Section 2.1 or Section 3.1 with respect to the Securities
of a particular series, so long as no Event of Default has occurred and is
continuing, the Company shall have the right, at any time during the term of
such series, from time to time to 

 

31

 

defer the payment of interest
on such Securities for such period or periods as may be specified as
contemplated by Section 3.1, but up to not less than 20 consecutive
quarters or five consecutive years (each, an “Extension Period”) during which
Extension Periods the Company shall have the right to make partial payments of
interest on any Interest Payment Date. No Extension Period shall end on a date
other than an Interest Payment Date. At the end of any such Extension Period
the Company shall pay all interest then accrued and unpaid on the Securities
(together with Additional Interest thereon, if any, at the rate specified for
the Securities of such series to the extent permitted by applicable law);
provided, however, that no Extension Period shall extend beyond the Stated
Maturity of the principal of the Securities of such series; provided, further,
that during any such Extension Period, the Company shall not, and shall not
permit any Subsidiary to, (i) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment
with respect to, any of the Company’s capital stock (which includes common and
preferred stock), or (ii) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the
Company (including Securities other than the Securities of such series) that
ranks pari passu with or junior in interest to the Securities of such series or
make any guarantee payments with respect to any guarantee by the Company of the
debt securities of any Subsidiary of the Company (including SCBT Guarantees
other than the SCBT Guarantee related to the Preferred Capital Securities
issued by the SCBT Capital Trust holding Securities of such series) if such
guarantee rank pari passu with or junior in interest to the securities of such
series (other than (a) dividends or distributions in Common Stock of the
Company, (b) any declaration of a dividend in connection with the
implementation of a stockholders’ rights plan, or the issuance of stock under
any such plan in the future or the redemption or repurchase of any such rights
pursuant thereto, (c) payments under the SCBT Guarantee related to the
Preferred Capital Securities issued by the SCBT Capital Trust holding
Securities of such series, and (d) purchases of Common Stock related to
the issuance of Common Stock or rights under any of the Company’s benefit plans
for its directors, officers or employees). Prior to the termination of any such
Extension Period, the Company may further extend such Extension Period,
provided that such extension does not cause such Extension Period to extend
beyond the Stated Maturity of the principal of such Securities. Upon
termination of any Extension Period and upon the payment of all accrued and
unpaid interest and any Additional Interest then due on any Interest Payment
Date, the Company may elect to begin a new Extension Period, subject to the
above requirements. No interest shall be due and payable during an Extension
Period, except at the end thereof. The Company shall give the Trustee, the
Property Trustee and the Administrators of the SCBT Capital Trust IV holding
Securities of such series notice of its election of any Extension Period (or an
extension thereof) at least five Business Days prior to the earlier of (i) the
next succeeding date on which Distributions on the Preferred Capital Securities
of the SCBT Capital Trust IV would be payable except for the election to begin
or extend such Extension Period or (ii) the date the Administrators of the
SCBT Capital Trust IV are required to give notice to any automated quotation
system or to holders of such Preferred Capital Securities of the record date or
the date such Distributions are payable, but in any event not less than five
Business Days prior to such record date.

 

32

 

The Trustee
shall promptly give notice of the Company’s election to begin any such
Extension Period to the Holders of the Outstanding Securities of such series.

 

Section 3.12. Right of Set-Off.

 

[RESERVED]

 

Section 3.13. Agreed Tax Treatment.

 

Each Security
issued hereunder shall provide that the Company and, by its acceptance of a
Security or a beneficial interest therein, the Holder of, and any Person that
acquires a beneficial interest in, such Security agree that for United States
Federal, state and local tax purposes it is intended that such Security
constitute indebtedness.

 

Section 3.14. Shortening or Extension of Stated Maturity.

 

If specified
as contemplated by Section 2.1 or Section 3.1 with respect to the
Securities of a particular series, the Company shall have the right to (i) shorten
the Stated Maturity of the principal of the Securities of such series at any
time to any date not earlier than the first date on which the Company has the
right to redeem the Securities of such series, and (ii) extend the Stated
Maturity of the principal of the Securities of such series at any time at its
election for one or more periods, but in no event to a date later than the 49th
anniversary of the first Interest Payment Date following the Original Issue
Date of the Securities of such series; provided that, if the Company elects to
exercise its right to extend the Stated Maturity of the principal of the
Securities of such series pursuant to clause (ii) above, at the time such
election is made and at the time of extension (A) the Company is not in
bankruptcy, otherwise insolvent or in liquidation, (B) the Company is not
in default in the payment of any interest or principal on such Securities, (C) in
the case of any series of Securities issued to the SCBT Capital Trust, the SCBT
Capital Trust is not in arrears on payments of Distributions on the Preferred
Capital Securities issued by the SCBT Capital Trust and no deferred
Distributions are accumulated and (D) such Securities are rated not less
than BBB- by S&P or Baa3 by Moody’s or the equivalent by any other
nationally recognized statistical rating organization. In the event the Company
elects to shorten or extend the Stated Maturity of the Securities of any
series, it shall give notice to the Trustee, and the Trustee shall give notice
of such shortening or extension to the Holders thereof no less than 30 and no
more than 60 days prior to the effectiveness thereof.

 

Section 3.15. CUSIP Numbers.

 

The Company in
issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a
convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification 

 

33

 

numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers.

 

ARTICLE IV

 

SATISFACTION
AND DISCHARGE

 

Section 4.1. Satisfaction and Discharge of Indenture

 

This Indenture
shall, upon Company Request, cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein
expressly provided for and as otherwise provided in this Section 4.1) and
the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when

 

(1)     either

 

(A)        all
Securities theretofore authenticated and delivered (other than (i) Securities
which have been destroyed, lost or stolen and which have been replaced or paid
as provided in Section 3.6 and (ii) Securities for whose payment
money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 10.3) have been delivered to the Trustee for
cancellation; or

 

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

 

(i)      have
become due and payable, or

 

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

 

(iii)    are
to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company, and the Company, in the case of Clause (B) (i),
(ii) or (iii) above, has deposited or caused to be deposited with the
Trustee as trust funds in trust for such purpose an amount in the currency or
currencies in which the Securities of such series are payable sufficient to pay
and discharge the entire indebtedness on such Securities not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any)
and interest (including any Additional Interest) to the date of such deposit
(in the case of Securities which have become due and payable) or to the Stated
Maturity or Redemption Date, as the case may be;

 

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

 

34

 

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

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.6, the obligations of the Trustee
to any Authenticating Agent under Section 6.11 and, if money shall have
been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 4.2 and the
last paragraph of Section 10.3 shall survive such satisfaction and
discharge.

 

Section 4.2. Application of Trust Money

 

Subject to the
provisions of the last paragraph of Section 10.3, all money deposited with
the Trustee pursuant to Section 4.1 shall be held in trust and applied by
the Trustee, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for the payment of which such money or obligations have been
deposited with or received by the Trustee.

 

ARTICLE V

 

REMEDIES

 

Section 5.1. Events of Default.

 

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

 

(1)     default
in the payment of any interest upon any Security of that series, including any
Additional Interest in respect thereof, when it becomes due and payable, and
continuance of such default for a period of 30 days (subject to the deferral of
any due date in the case of an Extension Period) or, if later, the conclusion
of a period consisting 20 or more consecutive quarters, commencing with the
quarter following the earliest quarter for which interest (including interest
payments deferred pursuant to Section 3.11) has not been paid in full; or

 

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

 

35

 

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

 

(4)     the
SCBT Capital Trust shall have voluntarily or involuntarily dissolved, wound-up
its business or otherwise terminated its existence, except in connection with (i) the
distribution of Securities to holders of the Preferred Capital Securities, (ii) the
redemption of Securities and the related series of Preferred Capital Securities
or (iii) a consolidation, merger, conveyance, transfer or lease permitted
by Section 8.1 of this Indenture; or

 

(5)     any
other Event of Default provided with respect to Securities of that series.

 

Section 5.2. Acceleration of Maturity; Rescission and Annulment.

 

If an Event of
Default with respect to Securities of any series at the time Outstanding occurs
and is continuing, then and in every such case the Trustee or the Holders of
not less than 25% in principal amount of the Outstanding Securities of that
series may declare the principal amount (or, if the Securities of that series
are Discount Securities, such portion of the principal amount as may be
specified in the terms of that series) of all the Securities of that series to
be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), provided that, in the case of the Securities
of a series issued to the SCBT Capital Trust, if, upon an Event of Default, the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series fail to declare the principal of all the
Securities of that series to be immediately due and payable, the holders of at
least 25% in aggregate liquidation amount of the corresponding series of
Preferred Capital Securities then outstanding shall have such right by a notice
in writing to the Company and the Trustee; and upon any such declaration such
principal amount (or specified portion thereof) of and the accrued interest
(including any Additional Interest) on all the Securities of such series shall
become immediately due and payable. Payment of principal and interest
(including any Additional Interest) on such Securities shall remain
subordinated to the extent provided in Article XIII notwithstanding that
such amount shall become immediately due and payable as herein provided.

 

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

 

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

 

(A)        all
overdue installments of interest (including any Additional Interest) on all
Securities of that series,

 

36

 

(B)         the principal of (and premium, if any, on) any Securities of
that series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate borne by the Securities, and

 

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

 

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

 

In the case of
Securities of a series issued to the SCBT Capital Trust, the holders of a
majority in aggregate Liquidation Amount (as defined in the Trust Agreement
under which the SCBT Capital Trust is formed) of the related series of
Preferred Capital Securities issued by the SCBT Capital Trust shall also have
the right to rescind and annul such declaration and its consequences by written
notice to the Company and the Trustee subject to the satisfaction of the
conditions set forth in Clauses (1) and (2) above of this Section 5.2.

 

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

 

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

 

The Company covenants that if:

 

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

 

(2)     default
is made in the payment of the principal of (and premium, if any, on) any
Security at the Maturity thereof, the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of such Securities, the
whole amount then due and payable on such Securities for principal, including
any sinking fund payment or analogous obligations (and premium, if any) and
interest (including any Additional Interest); and, in addition thereto, all
amounts owing the Trustee under Section 6.6.

 

If the Company
fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, and may prosecute such
proceeding to judgment or final decree, and may enforce the same against the
Company or any other obligor upon the Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Securities, wherever
situated.

 

37

 

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

 

Section 5.4. Trustee May File Proofs of Claim.

 

In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors,

 

(a)     the
Trustee (irrespective of whether the principal of the Securities of any series
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal (and premium, if any) or
interest (including any Additional Interest)) shall be entitled and empowered,
by intervention in such proceeding or otherwise,

 

(i)       to
file and prove a claim for the whole amount of principal (and premium, if any)
and interest (including any Additional Interest) owing and unpaid in respect to
the Securities and to file such other papers or documents as may be necessary
or advisable and to take any and all actions as are authorized under the Trust
Indenture Act in order to have the claims of the Holders and any predecessor to
the Trustee under Section 6.6 allowed in any such judicial proceedings;
and

 

(ii)      in
particular, the Trustee shall be authorized to collect and receive any moneys
or other property payable or deliverable on any such claims and to distribute
the same in accordance with Section 5.6; and

 

(b)     any
custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee for distribution in accordance with
Section 5.6, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due
to it and any predecessor Trustee under Section 6.6.

 

Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and be a
member of a creditors’ or other similar committee.

 

38

 

Section 5.5. Trustee May Enforce Claim Without Possession
of Securities.

 

All rights of
action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of all the amounts owing the Trustee and any predecessor Trustee under Section 6.6,
its agents and counsel, be for the ratable benefit of the Holders of the
Securities in respect of which such judgment has been recovered.

 

Section 5.6. Application of Money Collected.

 

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

 

FIRST:  To the payment of all amounts due the Trustee
and any predecessor Trustee under Section 6.6;

 

SECOND:  Subject to Article XIII, to the payment
of the amounts then due and unpaid upon such series of Securities for principal
(and premium, if any) and interest (including any Additional 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 series of Securities for principal (and premium, if
any) and interest (including any Additional Interest), respectively; and

 

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

 

Section 5.7. Limitation on Suits.

 

No Holder of
any Securities of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture or for the appointment of
a receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) or for any other remedy hereunder, unless:

 

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

 

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

 

39

 

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

 

(4)     the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

 

(5)     no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the Outstanding Securities of that series;

 

it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing itself
of, any provision of this Indenture to affect, disturb or prejudice the rights
of any other Holders of Securities, or to obtain or to seek to obtain priority
or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

 

Section 5.8.
Unconditional Right of Holders to Receive Principal, Premium and Interest;
Direct Action by Holders of Preferred Capital Securities.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have
the right which is absolute and unconditional to receive payment of the
principal of (and premium, if any) and (subject to Section 3.7) interest
(including any Additional Interest) on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Holder.  In the case of Securities of a series issued
to the SCBT Capital Trust, any holder of the corresponding series of Preferred
Capital Securities issued by the SCBT Capital Trust shall have the right, upon
the occurrence of an Event of Default described in Section 5.1(1), to
institute a suit directly against the Company for enforcement of payment to
such holder of principal of (premium, if any) and (subject to Section 3.7)
interest (including any Additional Interest) on the Securities having a
principal amount equal to the aggregate Liquidation Amount (as defined in the
Trust Agreement under which the SCBT Capital Trust is formed) of such Preferred
Capital Securities of the corresponding series held by such holder.

 

Section 5.9.
Restoration of Rights and Remedies.

 

If the
Trustee, any Holder or any holder of Preferred Capital Securities has
instituted any proceeding to enforce any right or remedy under this Indenture
and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee, such Holder or such holder of
Preferred Capital Securities, then and in every such case the Company, the
Trustee, the Holders and such holder of Preferred Capital Securities shall,
subject to any determination in such proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee, the 

 

40

 

Holders and the holders of Preferred Capital Securities shall continue
as though no such proceeding had been instituted.

 

Section 5.10.
Rights and Remedies Cumulative.

 

Except as
otherwise provided in the last paragraph of Section 3.6, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 5.11.
Delay or Omission Not Waiver.

 

No delay or
omission of the Trustee, any Holder of any Security or any holder of any
Capital Security to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein.

 

Every right
and remedy given by this Article or by law to the Trustee or to the
Holders and the right and remedy given to the holders of Preferred Capital
Securities by Section 5.8 may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee, the Holders or the holders of
Preferred Capital Securities, as the case may be.

 

Section 5.12.
Control by Holders.

 

The Holders of
a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee, with respect to the Securities of such series,
provided that:

 

(1)     such
direction shall not be in conflict with any rule of law or with this
Indenture,

 

(2)     the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

 

(3)     subject
to the provisions of Section 6.2, the Trustee shall have the right to
decline to follow such direction if a Responsible Officer or Officers of the
Trustee shall, in good faith, determine that the proceeding so directed would
be unjustly prejudicial to the Holders not joining in any such direction or
would involve the Trustee in personal liability.

 

41

 

Section 5.13.
Waiver of Past Defaults.

 

The Holders of
not less than a majority in principal amount of the Outstanding Securities of
any series and, in the case of any Securities of a series issued to the SCBT
Capital Trust, the holders of Preferred Capital Securities issued by the SCBT
Capital Trust may waive any past default hereunder and its consequences with
respect to such series except a default:

 

(1)     in
the payment of the principal of (or premium, if any) or interest (including any
Additional Interest) on any Security of such series, or

 

(2)     in
respect of a covenant or provision hereof which under Article IX cannot be
modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.

 

Any such
waiver shall be deemed to be on behalf of the Holders of all the Securities of
such series or, in the case of a waiver by holders of Preferred Capital
Securities issued by the SCBT Capital Trust, by all holders of Preferred
Capital Securities issued by the SCBT Capital Trust.

 

Upon any such
waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon.

 

Section 5.14.
Undertaking for Costs.

 

All parties to
this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against
any party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of
this Section shall not apply to any suit instituted by the Trustee, to any
suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of
the principal of (or premium, if any) or interest (including any Additional
Interest) on any Security on or after the respective Stated Maturities
expressed in such Security.

 

Section 5.15.
Waiver of Usury, Stay or Extension Laws.

 

The Company
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any usury, stay or extension law wherever enacted, now
or at any time hereafter in force, 

 

42

 

which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all 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

 

THE TRUSTEE

 

Section 6.1. Certain Duties and Responsibilities.

 

Within 90 days
after the occurrence of any default hereunder with respect to the Securities of
any series, the Trustee shall transmit in the manner and to the extent provided
in Section 313(c) of the Trust Indenture Act, notice of such default
hereunder known to a Responsible Officer of the Trustee, unless such default
shall have been cured or waived. 
However, except in the case of a default in the payment of the principal
of (or premium, if any) or interest on, or any Additional Amounts with respect
to, any Security of such series or in the payment of any sinking fund
installment with respect to Securities of such series, the Trustee shall be
protected in withholding such notice if and so long as a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine
that the withholding of such notice is in the interests of the Holders of
Securities of such series.

 

Section 6.2. Certain Rights of Trustee.

 

Subject to the
provisions of Sections 315(a) through 315(d) of the Trust Indenture
Act:

 

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

 

(b)     any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or a Company Order (other than delivery of any
Security to the Trustee for authentication and delivery pursuant to Section 3.3
which shall be sufficiently evidenced as provided therein) and any resolution
of the Board of Directors may be sufficiently evidenced by a Board Resolution
or Board Resolutions;

 

(c)     whenever
in the administration of this Indenture, the Trustee shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officers’
Certificate;

 

43

 

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

 

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

 

(f)      the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost of the Company and shall incur no
liability or additional liability of any kind by reason of such inquiry or
investigation;

 

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

 

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

 

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

 

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

 

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

 

44

 

Section 6.3. Not Responsible for Recitals or Issuance of
Securities.

 

The recitals
contained herein and in the Securities, except the Trustee’s certificate of
authentication, and in any coupons shall be taken as the statements of the
Company and the Trustee or any Authenticating Agent assumes no responsibility
for their correctness.  The Trustee makes
no representations as to the validity or sufficiency of this Indenture or of
the Securities or Coupons.  The Trustee
represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Securities and perform its obligations hereunder and that the statements
made by it in a Statement of Eligibility and Qualification on Form T-1
supplied to the Company are true and accurate, subject to the qualifications
set forth therein.  The Trustee or any
Authenticating Agent shall not be accountable for the use or application by the
Company of Securities or the proceeds thereof.

 

Section 6.4. May Hold Securities.

 

The Trustee,
any Authenticating Agent, any Paying Agent, any Security Registrar or any other
Person that may be an agent of the Trustee or the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities and Coupons
and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other Person.

 

Section 6.5. Money Held in Trust.

 

Money held by
the Trustee in trust hereunder need not be segregated from other funds except
to the extent required by law and shall be held uninvested.  The Trustee shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed with
the Company.

 

Section 6.6. Compensation and Reimbursement.

 

The Company
agrees

 

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

 

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

 

45

 

(3)     to
indemnify each of the Trustee and any predecessor Trustee and its agents for,
and to hold them harmless against, any loss, liability, claim, damage or
expense including taxes (other than taxes based upon, measured by or determined
by the income of the Trustee) incurred without negligence or willful misconduct
on their part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and expenses
of defending themselves against any claim or liability in connection with the
exercise or performance of any of their powers or duties hereunder.

 

As security
for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities of any series upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the payment of principal of (or premium, if any) or interest on
Securities.  When the Trustee incurs
expenses or renders services after an Event of Default occurs, the expenses and
compensation for the services of the Trustee are intended to constitute
expenses of administration under any bankruptcy law or any similar federal or
state law for the relief of debtors.  The
provisions of this Section 606 shall survive the termination of this
Indenture.

 

Section 6.7. Corporate Trustee Required; Eligibility;
Conflicting Interests.

 

There shall at
all times be a Trustee hereunder that is a corporation permitted by Section 310(a)(1) and
(5) of the Trust Indenture Act to act as trustee under the Trust Indenture
Act and 51 that has a combined capital and surplus (computed in accordance with
Section 310(a)(2) of the Trust Indenture Act) of at least
$50,000,000.  If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section,
it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.  If the
Trustee has or shall acquire any conflicting interest, as defined in Section 310(b) of
the Trust Indenture Act, with respect to the Securities of any series, the
Trustee shall take such action as is required pursuant to said Section 310(b).

 

Section 6.8. Resignation and Removal; Appointment of Successor.

 

(1)     No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee pursuant to Section 6.9.

 

(2)     The
Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company.  If the instrument of acceptance by a
successor Trustee required by Section 6.9 shall not have been delivered to
the Trustee within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition at the expense of the Company any court of
competent jurisdiction for the appointment of a successor Trustee with respect
to such series.

 

(3)     The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding
Securities of 

 

46

 

such series, delivered to the Trustee and the Company.  If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 days after the
giving of such notice of removal, the Trustee being removed may petition, at
the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

(4)   If
at any time:

 

(a)     the
Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of
the Trust Indenture Act after written request therefor by the Company or by any
Holder of a Security who has been a bona fide Holder of a Security for at least
six months, or

 

(b)     the
Trustee shall cease to be eligible under Section 6.7 and shall fail to
resign after written request therefor by the Company or by any such Holder of a
Security, or

 

(c)     the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case

 

(i)      the
Company, by or pursuant to a Board Resolution, may remove the Trustee with
respect to all Securities, or

 

(ii)     subject
to Section 315(e) of the Trust Indenture Act, any Holder of a
Security who has been a bona fide Holder of a Security of any series for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities of such series and the appointment of a
successor Trustee or Trustees.

 

(5)     If
the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or
more or all of such series and that at any time there shall be only one Trustee
with respect to the Securities of any particular series) and shall comply with
the applicable requirements of Section 6.9.  If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 6.9, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the 

 

47

 

successor
Trustee appointed by the Company.  If no
successor Trustee with respect to the Securities of any series shall have been
so appointed by the Company or the Holders of Securities and accepted
appointment in the manner required by Section 6.9, any Holder of a
Security who has been a bona fide Holder of a Security of such series for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

 

(6)     The
Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series by mailing
written notice of such event by first-class mail, postage prepaid, to the
Holders of Securities of such series as their names and addresses appear in the
Security Register.  If Securities of such
series are issued as Bearer Securities, the Company shall publish notice of
such event once in an Authorized Newspaper. 
Each notice shall include the name of the successor Trustee with respect
to the Securities of such series and the address of its Corporate Trust Office.

 

Section 6.9. Acceptance of Appointment by Successor.

 

(1)     In
case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and 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.  On the request of the Company and/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, subject nevertheless to its claim, if any,
provided for in Section 6.6.

 

(2)     In
case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor
Trustee shall accept such appointment and which

 

(a)     shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates,

 

(b)     if
the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, 

 

48

 

powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or
those series as to which the retiring Trustee is not retiring shall continue to
be vested in the retiring Trustee, and

 

(c)     shall
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee.

 

Herein or in
such supplemental indenture shall constitute such Trustees co-trustees of the
same trust, that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee and that no Trustee shall be responsible for any notice
given to, or received by, or any act or failure to act on the part of any other
Trustee hereunder, and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein, such retiring Trustee shall with
respect to the Securities of that or those series to which the appointment of
such successor Trustee relates have no further responsibility for the exercise
of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture other than as hereinafter expressly
set forth, and each such successor Trustee without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee, to the extent contemplated by
such supplemental indenture, the property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.

 

(3)     Upon
request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph (1) or
(2) of this Section, as the case may be.

 

(4)     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 VI.

 

Section 6.10. Merger, Conversion, Consolidation or Succession
to Business.

 

(1)     Without
the execution or filing of any paper or any further act on the part of any of
the parties hereto, (1) any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or

 

(2)     any
corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or

 

49

 

(3)     any corporation succeeding to all or
substantially all of the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
otherwise qualified and eligible under this Article VI. In case any
Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

Section 6.11. Appointment of Authenticating Agent.

 

The Trustee may appoint an Authenticating Agent or Authenticating
Agents, which may be an Affiliate of the Company, with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of that or those series issued upon original issue
or exchange, registration of transfer or partial redemption or pursuant to Section 3.6.
Securities 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. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent.

 

Each Authenticating Agent shall be acceptable to the Company and,
except as specified as contemplated by Section 3.1, shall at all times

 

(1)     be a corporation that would be permitted by
Section 310(a)(1) and (5) of the Trust Indenture Act to be able
to act as a trustee under an indenture qualified under the Trust Indenture Act,

 

(2)     be authorized under applicable law and by
its charter to act as such, and

 

(3)     have a combined capital and surplus
(computed in accordance with Section 310(a)(2) of the Trust Indenture
Act) of not less that $50,000,000.

 

If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.
If the Authenticating Agent has or shall acquire any conflicting interest, as
defined in Section 310(b) of the Trust Indenture Act, with respect to
the Securities of any series, the Authenticating Agent shall take such action
as is required pursuant to said Section 310(b).

 

Without the execution or filing of any paper or any further act on the
part of the Trustee or the Authenticating Agent,

 

50

 

(a)     any corporation into which an
Authenticating Agent may be merged or converted or with which it may be
consolidated, or

 

(b)     any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a
party, or

 

(c)     any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue
to be an Authenticating Agent, provided such corporation shall be otherwise
eligible under this Section.

 

An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company. At such time, the Trustee shall
also

 

(i)      mail written notice of such appointment by
first-class mail, postage prepaid, to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve, as their names and
addresses appear in the Securities Register, and

 

(ii)     if Securities of the series are issued as
bearer securities, publish notice of such appointment at least once in an
Authorized Newspaper.

 

Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

 

The Company agrees to pay each Authenticating Agent from time to time
reasonable compensation for its services under this Section. If the Trustee
makes such payments, it shall be entitled to be reimbursed for such payments.

 

The provisions of Sections 3.8, 6.3 and 6.4 shall be applicable to each
Authenticating Agent.

 

If an appointment with respect to one or more series is made pursuant
to this Section, the Securities of such series may have endorsed thereon, in
addition to or in lieu of the Trustee’s certificate of authentication, an
alternate certificate of authentication in the following form:

 

This Certificate represents Securities referred to in the
within-mentioned Indenture.

 

51

 

Dated:

 

	
   

  	
  [WILMINGTON TRUST COMPANY],

  
	
   

  	
  not in its individual capacity but solely
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

If all of the Securities of any series may
not be originally issued at one time, and if the Trustee does not have an
office capable of authenticating Securities upon original issuance located in a
Place of Payment where the Company wishes to have Securities of such series
authenticated upon original issuance, the Trustee, if so requested in writing
(which writing need not comply with Section 102) by the Company, shall
appoint in accordance with this Section an Authenticating Agent having an
office in a Place of Payment designated by the Company with respect to such
series of Securities.

 

The Trustee is hereby appointed as an
Authenticating Agent.

 

ARTICLE VII

 

HOLDERS’ LISTS AND REPORTS BY
TRUSTEE AND COMPANY

 

Section 7.1. Company to Furnish Trustee Names and Addresses of
Holders.

 

The Company will furnish or cause to be
furnished to the Trustee:

 

(a)     not more than 15 days after
[      ,       ,
      , and
      in each year, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders as of
      ,       ,
      , and
      of such year.]

 

(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, excluding from any such list names
and addresses received by the Trustee in its capacity as Securities Registrar.

 

Section 7.2. Preservation of Information, Communications to
Holders.

 

(a)     The Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of Holders contained
in the most recent list furnished to the Trustee as provided in Section 7.1
and the names and addresses of Holders received by the Trustee in its

 

52

 

capacity as Securities Registrar. The Trustee
may destroy any list furnished to it as provided in Section 7.1 upon
receipt of a new list so furnished.

 

(b)     The rights of Holders to communicate with
other Holders with respect to their rights under this Indenture or under the
Securities, and the corresponding rights and privileges of the Trustee, shall
be as provided in the Trust Indenture Act.

 

(c)     Every Holder of Securities, by receiving
and holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of the disclosure of information as to the names and
addresses of the Holders made pursuant to the Trust Indenture Act.

 

Section 7.3. Reports by Trustee.

 

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

 

(b)     Reports so required to be transmitted at
stated intervals of not more than 12 months shall be transmitted no later than January 31
in each calendar year, commencing with the first January 31 after the
first issuance of Securities under this Indenture.

 

(c)     A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock
exchange upon which any Securities are listed and also with the Commission. The
Company will notify the Trustee when any Securities are listed on any stock
exchange.

 

Section 7.4. Reports by Company.

 

The Company shall file with the Trustee and
with the Commission, and transmit to Holders, such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided in the Trust
Indenture Act; provided that any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act shall be filed with the Trustee within 15 days after the same
is actually filed with the Commission. Notwithstanding that the Company may not
be required to remain subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act, the Company shall continue to file with the
Commission and provide the Trustee with the annual reports and the information,
documents and other reports which are specified in Sections 13 and 15(d) of
the Exchange Act. The Company also shall comply with the other provisions of
Trust Indenture Act Section 314(a).

 

Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive or other notice of any
information contained therein or determinable from information contained
therein,

 

53

 

including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled or rely exclusively on Officers’
Certificates).

 

ARTICLE VIII

 

CONSOLIDATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE

 

Section 8.1. Company May Consolidate, Etc., Only on
Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, and no Person shall
consolidate with or merge into the Company or convey, transfer or lease its
properties and assets substantially as an entirety to the Company, unless:

 

(1)     in case the Company shall consolidate with
or merge into another Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, the corporation formed by
such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets
of the Company substantially as an entirety shall be a corporation, partnership
or trust organized and existing under the laws of the United States of America
or any State or the District of Columbia, and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
(and premium, if any) and interest (including any Additional Interest) on all
the Securities and the performance of every covenant of this Indenture on the
part of the Company to be performed or observed;

 

(2)     immediately after giving effect to such
transaction, no Event of Default, and no event which, after notice or lapse of
time, or both, would become an Event of Default, shall have happened and be
continuing;

 

(3)     in the case of the Securities of a series
issued to the SCBT Capital Trust, such consolidation, merger, conveyance,
transfer or lease is permitted under the Trust Agreement and the SCBT Guarantee
and does not give rise to any breach or violation of the Trust Agreement or the
SCBT Guarantee; and

 

(4)     the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and any such supplemental
indenture comply with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with; and
the Trustee, subject to Section 6.2, may rely upon such Officers’
Certificate and Opinion of Counsel as conclusive evidence that such transaction
complies with this Section 8.1.

 

54

 

Section 8.2. Successor Corporation Substituted.

 

Upon any consolidation or merger by the
Company with or into any other Person, or any conveyance, transfer or lease by
the Company of its properties and assets substantially as an entirety to any
Person in accordance with Section 8.1, the successor corporation formed by
such consolidation or into which the Company is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company
herein; and in the event of any such conveyance, transfer or lease the Company
shall be discharged from all obligations and covenants under the Indenture and
the Securities and may be dissolved and liquidated.

 

Such successor Person may cause to be signed,
and may issue either in its own name or in the name of the Company, any or all
of the Securities issuable hereunder which theretofore shall not have been
signed by the Company and delivered to the Trustee; and, upon the order of such
successor Person instead of the Company and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously shall have been
signed and delivered by the officers of the Company to the Trustee for
authentication pursuant to such provisions and any Securities which such
successor Person thereafter shall cause to be signed and delivered to the
Trustee on its behalf for the purpose pursuant to such provisions. All the
Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities
had been issued at the date of the execution hereof.

 

In case of any such consolidation, merger,
sale, conveyance or lease, such changes in phraseology and form may be made in
the Securities thereafter to be issued as may be appropriate.

 

ARTICLE IX

 

SUPPLEMENTAL INDENTURES

 

Section 9.1. Supplemental Indentures without Consent of Holders.

 

Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and
from time to time, may enter into one or more indentures supplemental hereto,
in form satisfactory to the Trustee (provided, however, that the form and terms
of Securities of any series may be established by a Board Resolution, as set
forth in the Officers’ Certificate delivered to the Trustee pursuant to Section 3.1,
without entering into a supplemental indenture for all purposes hereunder) for
any of the following purposes:

 

(1)     to evidence the succession of another
Person to the Company, and the assumption by any such successor of the
covenants of the Company herein and in the Securities contained; or

 

55

 

(2)     to convey, transfer, assign, mortgage or
pledge any property to or with the Trustee or to surrender any right or power
herein conferred upon the Company; or

 

(3)     to establish the form or terms of
Securities of any series as permitted by Sections 2.1 or 3.1; or

 

(4)     to add to the covenants of the Company for
the benefit of the Holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included solely for the benefit
of such series) or to surrender any right or power herein conferred upon the
Company; or

 

(5)     to add any additional Events of Default for
the benefit of the Holders of all or any series of Securities (and if such
additional Events of Default are to be for the benefit of less than all series
of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series); or

 

(6)     to add to, change or eliminate any of the
provisions of this Indenture in respect to one or more series of Securities;
provided, however, that any such addition, change or elimination (i) shall
neither (A) apply to any Security of any series issued prior to the
execution of such supplemental indenture and entitled to the benefit of such
provision nor (B) modify the rights of the Holder of any such pre-existing
series of any Security with respect to the application of such provision to
such pre-existing series of a Security or (ii) shall become effective only
when there is no such pre-existing series of a Security outstanding; or

 

(7)     to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any
other provision herein, or to make any other provisions with respect to matters
or questions arising under this Indenture, provided that such action pursuant to
this clause (7) shall not adversely affect the interest of the Holders of
Securities of any series in any material respect or, in the case of the
Securities of a series issued to the SCBT Capital Trust and for so long as any
of the corresponding series of Preferred Capital Securities issued by the SCBT
Capital Trust shall remain outstanding, the holders of such Preferred Capital
Securities; or

 

(8)     to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Securities
of one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.11; or

 

(9)     to comply with the requirements of the
Commission in order to effect or maintain the qualification of this Indenture
under the Trust Indenture Act.

 

56

 

Section 9.2. Supplemental Indentures with Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each
series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a
Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities of such series
under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected
thereby,

 

(1)     except to the extent permitted by Section 3.11
or as otherwise specified as contemplated by Section 2.1 or Section 3.1
with respect to the deferral of the payment of interest on the Securities of
any series, change the Stated Maturity of the principal of, or any installment
of interest (including any Additional Interest) on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or reduce any premium
payable upon the redemption thereof, or reduce the amount of principal of a Discount
Security that would be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 5.2, or change the place of
payment where, or the coin or currency in which, any Security or interest
thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or

 

(2)     reduce the percentage in principal amount
of the Outstanding Securities of any series, the consent of whose Holders is
required for any such supplemental indenture, or the consent of whose Holders
is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in
this Indenture, or

 

(3)     modify any of the provisions of this
Section, Section 5.13 or Section 10.5, except to increase any such
percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Security
affected thereby; or

 

(4)     modify the provisions in Article XIII
of this Indenture with respect to the subordination of Outstanding Securities
of any series in a manner adverse to the Holders thereof; provided, further,
that, in the case of the Securities of a series issued to the SCBT Capital
Trust, so long as any of the corresponding series of Preferred Capital
Securities issued by the SCBT Capital Trust remains outstanding, (i) no
such amendment shall be made that adversely affects the holders of such
Preferred Capital Securities in any material respect, and no termination of
this Indenture shall occur, and no waiver of any Event of Default or compliance
with any covenant under this Indenture shall be effective, without the prior
consent of the holders of at least a majority of the aggregate liquidation
preference of such Preferred Capital Securities then outstanding unless and
until the principal (and premium, if any) of the Securities of such series and
all accrued and (subject to Section 3.7), unpaid interest (including

 

57

 

any Additional Interest) thereon have been
paid in full and (ii) no amendment shall be made to Section 5.8 of
this Indenture that would impair the rights of the holders of Preferred Capital
Securities provided therein without the prior consent of the holders of each
Preferred Capital Security then outstanding unless and until the principal (and
premium, if any) of the Securities of such series and all accrued and (subject
to Section 3.7) unpaid interest (including any Additional Interest)
thereon have been paid in full.

 

A supplemental indenture that changes or
eliminates any covenant or other provision of this Indenture that has expressly
been included solely for the benefit of one or more particular series of
Securities or Preferred Capital Securities, or which modifies the rights of the
Holders of Securities or holders of Preferred Capital Securities of such series
with respect to such covenant or other provision, shall be deemed not to affect
the rights under this Indenture of the Holders of Securities or holders of
Preferred Capital Securities of any other series.

 

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

 

Section 9.3. Execution of Supplemental Indentures.

 

In executing or accepting the additional
series of Securities created by any supplemental indenture permitted by this Article or
the modifications thereby of any series of Securities previously created by
this Indenture, the Trustee shall be provided with, and (subject to Section 6.2)
shall be fully protected in relying upon, an Officers’ Certificate and an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture, and that all conditions precedent
have been complied with. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

 

Section 9.4. Effect of Supplemental Indentures.

 

Upon the execution of any supplemental
indenture under this Article IX or delivery to the Trustee of the Officers’
Certificate pursuant to Section 3.1 hereof (which Officers’ Certificate
shall have the effect of a supplemental indenture for all purposes hereunder),
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every
Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

Section 9.5. Conformity with Trust Indenture Act.

 

Every supplemental indenture executed
pursuant to this Article IX and every Officers’ Certificate delivered to
the trustee pursuant to Section 3.1 hereof shall conform to the
requirements of the Trust Indenture Act as then in effect.

 

58

 

Section 9.6. Reference in Securities to Supplemental Indentures.

 

Securities authenticated and delivered after
the execution of any supplemental indenture pursuant to this Article IX or
delivery to the Trustee of the Officers’ Certificate pursuant to Section 3.1
hereof (which Officers’ Certificate shall have the effect of a supplemental
indenture for all purposes hereunder) may, and shall if required by the
Company, bear a notation in form approved by the Company as to any matter
provided for in such supplemental indenture or such Officers’ Certificate. If
the Company shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Company, to any such supplemental indenture or such
Officer’s Certificate may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.

 

ARTICLE X

 

COVENANTS

 

Section 10.1. Payment of Principal, Premium and Interest.

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the
principal of (and premium, if any) and interest on the Securities of that
series in accordance with the terms of such Securities and this Indenture.

 

Section 10.2. Maintenance of Office or Agency.

 

The Company will maintain in each Place of
Payment for any series of Securities, an office or agency where Securities of
that series may be presented or surrendered for payment and an office or agency
where Securities of that series may be surrendered for transfer or exchange and
where notices and demands to or upon the Company in respect of the Securities
of that series and this Indenture may be served. The Company initially appoints
the Trustee, acting through its Corporate Trust Office, as its agent for said
purposes. The Company will give prompt written notice to the Trustee of any
change in the location of any such office or agency. If at any time the Company
shall fail to maintain such office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

 

The Company may also from time to time
designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all of such purposes, and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in each Place of Payment for Securities of any
series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation and any change in the location of any such
office or agency.

 

59

 

Section 10.3. Money for Security Payments to be Held in Trust.

 

If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or
before each due date of the principal of (and premium, if any) or interest on
any of the Securities of such series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal
(and premium, if any) or interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided, and will promptly
notify the Trustee of its failure so to act.

 

Whenever the Company shall have one or more
Paying Agents, it will, prior to 10:00 a.m. New York City time on each due
date of the principal of or interest on any Securities, deposit with a Paying
Agent a sum sufficient to pay the principal (and premium, if any) or interest
so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal and premium (if any) or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of
its failure so to act.

 

The Company will cause each Paying Agent
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section 10.3, that such Paying Agent will:

 

(1)     hold all sums held by it for the payment of
the principal of (and premium, if any) or interest on Securities in trust for
the benefit of the Persons entitled thereto until such sums shall be paid to
such Persons or otherwise disposed of as herein provided;

 

(2)     give the Trustee notice of any default by
the Company (or any other obligor upon the Securities) in the making of any
payment of principal (and premium, if any) or interest:

 

(3)     at any time during the continuance of any
such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent; and

 

(4)     comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent.

 

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 by Company Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or such Paying Agent, such sums
to be held by the Trustee upon the same trusts as those upon which such sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

 

Any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the
principal of (and premium, if any) or interest on any Security and remaining
unclaimed for two years after such principal (and premium, if any) or 

 

60

 

interest has become due and payable shall (unless otherwise required by
mandatory provision of applicable escheat or abandoned or unclaimed property
law) be paid on Company Request to the Company, or (if then held by the
Company) shall (unless otherwise required by mandatory provision of applicable
escheat or abandoned or unclaimed property law) be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make
any such repayment, may at the expense of the Company cause to be published
once, in an Authorized Newspaper, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company.

 

Section 10.4. Statement as to Compliance.

 

The Company shall deliver to the Trustee,
within 120 days after the end of each calendar year of the Company ending after
the date hereof, an Officers’ Certificate covering the preceding calendar year,
stating whether or not to the best knowledge of the signers thereof the Company
is in default in the performance, observance or fulfillment of or compliance
with any of the terms, provisions, covenants and conditions of this Indenture,
and if the Company shall be in default, specifying all such defaults and the
nature and status thereof of which they may have knowledge. For the purpose of
this Section 10.4, compliance shall be determined without regard to any
grace period or requirement of notice provided pursuant to the terms of this
Indenture.

 

Section 10.5. Waiver of Certain Covenants.

 

The Company may omit in any particular
instance to comply with any covenant or condition provided pursuant to Sections
3.1, 9.1(3), or 9.1(4) with respect to the Securities of any series, if
before or after the time for such compliance the Holders of at least a majority
in principal amount of the Outstanding Securities of such series shall, by Act
of such Holders, either waive such compliance in such instance or generally
waive compliance with such covenant or condition, but no such waiver shall
extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the
obligations of the Company in respect of any such covenant or condition shall
remain in full force and effect.

 

Section 10.6. Additional Sums.

 

In the case of the Securities of a series
issued to the SCBT Capital Trust, so long as no Event of Default has occurred
and is continuing and except as otherwise specified as contemplated by Section 2.1
or Section 3.1, in the event that (i) the SCBT Capital Trust is the
Holder of all of the Outstanding Securities of such series, (ii) a Tax
Event in respect of the

 

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SCBT Capital Trust shall have occurred and be continuing and (iii) the
Company shall not have (A) redeemed the Securities of such series pursuant
to Section 11.7(b) or (B) terminated the SCBT Capital Trust
pursuant to Section 9.2(b) of the related Trust Agreement, the
Company shall pay to the SCBT Capital Trust (and its permitted successors or
assigns under the Trust Agreement) for so long as the SCBT Capital Trust (or
its permitted successor or assignee) is the registered holder of any Securities
of such series, such additional amounts as may be necessary in order that the
amount of Distributions (including any Additional Amounts (as defined in the
Trust Agreement)) then due and payable by the SCBT Capital Trust on the related
Preferred Capital Securities and Common Securities that at any time remain
outstanding in accordance with the terms thereof shall not be reduced as a
result of any Additional Taxes (the “Additional Sums”). Whenever in this
Indenture or the Securities there is a reference in any context to the payment
of principal of or interest on the Securities, such mention shall be deemed to
include mention of the payments of the Additional Sums provided for in this
paragraph to the extent that, in such context, Additional Sums are, were or would
be payable in respect thereof pursuant to the provisions of this paragraph and
express mention of the payment of Additional Sums (if applicable) in any
provisions hereof shall not be construed as excluding Additional Sums in those
provisions hereof where such express mention is not made; provided, however,
that the deferral of the payment of interest pursuant to Section 3.11 or
the Securities shall not defer the payment of any Additional Sums that may be
due and payable.

 

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Section 10.7. Additional Covenants.

 

The Company covenants and agrees with each
Holder of Securities of any series that it shall not, and it shall not permit
any Subsidiary of the Company to, (a) declare or pay any dividends or
distributions on, or redeem purchase, acquire or make a liquidation payment
with respect to, any shares of the Company’s capital stock (which includes
common and preferred stock), or (b) make any payment of principal of or
interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company (including Securities other than the Securities of
such series) that rank pari passu with or junior in interest to the Securities
of such series or make any guarantee payments with respect to any guarantee by
the Company of debt securities of any subsidiary of the Company (including the
SCBT Guarantee other than the SCBT Guarantee related to the Preferred Capital
Securities issued by the SCBT Capital Trust holding Securities of such series)
if such guarantee ranks pari passu with or junior in interest to the Securities
(other than (a) dividends or distributions in Common Stock of the Company,
(b) any declaration of a dividend in connection with the implementation of
a rights plan or the issuance of stock under any such plan or the redemption or
repurchase of any such rights pursuant thereto, (c) payments under the
SCBT Guarantee related to the Preferred Capital Securities issued by the SCBT
Capital Trust holding Securities of such series, and (d) purchases of
Common Stock related to the issuance of Common Stock or rights under any of the
Company’s benefit plans for its directors, officers or employees) if at such
time (i) there shall have occurred any event of which the Company has
actual knowledge that (A) with the giving of notice or the lapse of time
or both, would constitute an Event of Default with respect to the Securities of
such series and (B) in respect of which the Company shall not have taken
reasonable steps to cure, (ii) if the Securities of such series are held
by the SCBT Capital Trust, the Company shall be in default with respect to its
payment of any obligations under the SCBT Guarantee relating to the Preferred
Capital Securities issued by the SCBT Capital Trust or (iii) the Company
shall have given notice of its election to begin an Extension Period with
respect to the Securities of such series as provided herein and shall not have
rescinded such notice, or such Extension Period, or any extension thereof,
shall be continuing.

 

The Company also covenants with each Holder
of Securities of a series issued to the SCBT Capital Trust (i) to maintain
directly or indirectly 100% ownership of the Common Securities of the SCBT
Capital Trust; provided, however, that any permitted successor of the Company
hereunder may succeed to the Company’s ownership of such Common Securities, (ii) not
to voluntarily terminate, wind-up or liquidate the SCBT Capital Trust, except (a) in
connection with a distribution of the Securities of such series to the holders
of Trust Securities in liquidation of the SCBT Capital Trust or (b) in
connection with certain mergers, consolidations or amalgamations permitted by
the related Trust Agreement and (iii) to use its reasonable efforts,
consistent with the terms and provisions of such Trust Agreement, to cause the
SCBT Capital Trust to remain classified as a grantor trust and not an
association taxable as a corporation for United States federal income tax
purposes.

 

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ARTICLE XI

 

REDEMPTION OF SECURITIES

 

Section 11.1. Applicability of This Article.

 

Redemption of Securities of any series
(whether by operation of a sinking fund or otherwise) as permitted or required
by any form of Security issued pursuant to this Indenture shall be made in
accordance with such form of Security and this Article; provided, however, that
if any provision of any such form of Security shall conflict with any provision
of this Article, the provision of such form of Security shall govern. Except as
otherwise set forth in the form of Security for such series, each Security of
such series shall be subject to partial redemption only in the amount of
$100,000 or, in the case of the Securities of a series issued to a SCBT Capital
Trust, $100,000, or integral multiples of $1,000 in excess thereof.

 

Section 11.2. Election to Redeem; Notice to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by or pursuant to a Board Resolution. In case of
any redemption at the election of the Company of less than all of the
Securities of any particular series and having the same terms, the Company
shall, not less than 30 nor more than 60 days prior to the Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee
of such date and of the principal amount of Securities of that series to be
redeemed. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities,
the Company shall furnish the Trustee with an Officers’ Certificate and an
Opinion of Counsel evidencing compliance with such restriction.

 

Section 11.3. Selection of Securities to be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified
tenor are to be redeemed or unless such redemption affects only a single
Security), the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security of
such series, provided that the portion of the principal amount of any Security
not redeemed shall be in an authorized denomination (which shall not be less
than the minimum authorized denomination) for such Security. If less than all
the Securities of such series and of a specified tenor are to be redeemed
(unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series
and specified tenor not previously called for redemption in accordance with the
preceding sentence.

 

64

 

The Trustee shall promptly notify the Company
in writing of the Securities selected for partial redemption and the principal
amount thereof to be redeemed. For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Security redeemed or to be redeemed
only in part, to the portion of the principal amount of such Security which has
been or is to be redeemed. If the Company shall so direct, Securities
registered in the name of the Company, any Affiliate or any Subsidiary thereof shall
not be included in the Securities selected for redemption.

 

Section 11.4. Notice of Redemption.

 

Notice of redemption shall be given by
first-class mail, postage prepaid, mailed not later than the thirtieth day, and
not earlier than the sixtieth day, prior to the Redemption Date, to each Holder
of Securities to be redeemed, at the address of such Holder as it appears in
the Securities Register.

 

With respect to Securities of each series to
be redeemed, each notice of redemption shall state:

 

(a)     the Redemption Date;

 

(b)     the Redemption Price;

 

(c)     if less than all Outstanding Securities of
such particular series and having the same terms are to be redeemed, the
identification (and, in the case of partial redemption, the respective
principal amounts) of the particular Securities to be redeemed;

 

(d)     that on the Redemption Date, the Redemption
Price will become due and payable upon each such Security or portion thereof,
and that interest thereon, if any, shall cease to accrue on and after said
date;

 

(e)     the place or places where such Securities
are to be surrendered for payment of the Redemption Price; and

 

(f)      that the redemption is for a sinking fund,
if such is the case.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at
the Company’s request (upon it giving 5 Business Days advance notice to the
Trustee), by the Trustee in the name and at the expense of the Company and
shall not be irrevocable. The notice if mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the
Holder receives such notice. In any case, a failure to give such notice by mail
or any defect in the notice to the Holder of any Security designated for
redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

 

65

 

Section 11.5. Deposit of Redemption Price.

 

Prior to 10:00 a.m. New York City time
on the Redemption Date specified in the notice of redemption given as provided
in Section 11.4, the Company will deposit with the Trustee or with one or
more Paying Agents (or if the Company is acting as its own Paying Agent, the
Company will segregate and hold in trust as provided in Section 10.3) an
amount of money sufficient to pay the Redemption Price of, and any accrued
interest (including Additional Interest) on, all the Securities which are to be
redeemed on that date.

 

Section 11.6. Payment of Securities Called for Redemption.

 

If any notice of redemption has been given as
provided in Section 11.4, the Securities or portion of Securities with
respect to which such notice has been given shall become due and payable on the
date and at the place or places stated in such notice at the applicable
Redemption Price. On presentation and surrender of such Securities at a Place
of Payment in said notice specified, the said securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable Redemption
Price, together with accrued interest (including any Additional Interest) to
the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 3.1, installments of interest whose Stated
Maturity is on or prior to the Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the relevant Record Dates according to their terms
and the provisions of Section 3.7.

 

Upon presentation of any Security redeemed in
part only, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder thereof, at the expense of the Company, a new Security or
Securities of the same series, of authorized denominations, in aggregate
principal amount equal to the portion of the Security not redeemed so presented
and having the same Original Issue Date, Stated Maturity and terms. If a Global
Security is so surrendered, such new Security will also be a new Global
Security.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal of and
premium, if any, on such Security shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security.

 

Section 11.7. Right of Redemption of Securities Initially
Issued to a SCBT Capital Trust.

 

In the case of the Securities of a series
initially issued to a SCBT Capital Trust, except as otherwise specified as
contemplated by Section 3.1, the Company, at its option, may redeem such
Securities (i) on or after the date five years after the Original Issue
Date of such Securities, in whole at any time or in part from time to time, or (ii) upon
the occurrence and during the continuation of a Tax Event, at any time within
90 days following the occurrence of such Tax Event in respect of such SCBT
Capital Trust, in whole (but not in part), in each case at a Redemption Price
equal to 100% of the principal amount thereof.

 

66

 

ARTICLE XII

 

SINKING FUNDS

 

Section 12.1. Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of any series
except as otherwise specified as contemplated by Section 3.1 for such
Securities.

 

The minimum amount of any sinking fund
payment provided for by the terms of any Securities of any series is herein
referred to as a “mandatory sinking fund payment”, and any sinking fund payment
in excess of such minimum amount which is permitted to be made by the terms of
such Securities of any series is herein referred to as an “optional sinking
fund payment”. If provided for by the terms of any Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as
provided in Section 12.2. Each sinking fund payment shall be applied to
the redemption of Securities of any series as provided for by the terms of such
Securities.

 

Section 12.2. Satisfaction of Sinking Fund Payments with
Securities.

 

In lieu of making all or any part of a
mandatory sinking fund payment with respect to any Securities of a series in
cash, the Company may at its option, at any time no more than 16 months and no
less than 30 days prior to the date on which such sinking fund payment is due,
deliver to the Trustee Securities of such series (together with the unmatured
coupons, if any, appertaining thereto) theretofore purchased or otherwise
acquired by the Company, except Securities of such series that have been
redeemed through the application of mandatory or optional sinking fund payments
pursuant to the terms of the Securities of such series, accompanied by a
Company Order instructing the Trustee to credit such obligations and stating
that the Securities of such series were originally issued by the Company by way
of bona fide sale or other negotiation for value; provided that the Securities
to be so credited have not been previously so credited. The Securities to be so
credited shall be received and credited for such purpose by the Trustee at the
redemption price for such Securities, as specified in the Securities so to be
redeemed, for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly.

 

Section 12.3. Redemption of Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for such Securities pursuant to the terms of such
Securities, the portion thereof, if any, which is to be satisfied by payment of
cash in the currency in which the Securities of such series are payable (except
as provided pursuant to Section 3.1) and the portion thereof, if any,
which is to be satisfied by delivering and crediting

 

67

 

Securities pursuant to Section 12.2 and will also deliver to the
Trustee any Securities to be so delivered. Such Officers’ Certificate shall be
irrevocable and upon its delivery the Company shall be obligated to make the
cash payment or payments therein referred to, if any, on or before the
succeeding sinking fund payment date. In the case of the failure of the Company
to deliver such Officers’ Certificate (or, as required by this Indenture, the
Securities and coupons, if any, specified in such Officers’ Certificate), the
sinking fund payment due on the succeeding sinking fund payment date for such
series shall be paid entirely in cash and shall be sufficient to redeem the
principal amount of the Securities of such series subject to a mandatory
sinking fund payment without the right to deliver or credit securities as
provided in Section 12.2 and without the right to make the optional sinking
fund payment with respect to such series at such time.

 

Any sinking fund payment or payments
(mandatory or optional) made in cash plus any unused balance of any preceding
sinking fund payments made with respect to the Securities of any particular
series shall be applied by the Trustee (or by the Company if the Company is
acting as its own Paying Agent) on the sinking fund payment date on which such
payment is made (or, if such payment is made before a sinking fund payment
date, on the sinking fund payment date immediately following the date of such
payment) to the redemption of Securities of such series at the Redemption Price
specified in such Securities with respect to the sinking fund. Any sinking fund
moneys not so applied or allocated by the Trustee (or, if the Company is acting
as its own Paying Agent, segregated and held in trust by the Company as
provided in Section 10.3) for such series and together with such payment
(or such amount so segregated) shall be applied in accordance with the
provisions of this Section 12.3. Any and all sinking fund moneys with
respect to the Securities of any particular series held by the Trustee (or if
the Company is acting as its own Paying Agent, segregated and held in trust as
provided in Section 10.3) on the last sinking fund payment date with
respect to Securities of such series and not held for the payment or redemption
of particular Securities of such series shall be applied by the Trustee (or by
the Company if the Company is acting as its own Paying Agent), together with
other moneys, if necessary, to be deposited (or segregated) sufficient for the
purpose, to the payment of the principal of the Securities of such series at
Maturity. The Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 11.3 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Section 11.6. On or before each
sinking fund payment date, the Company shall pay to the Trustee (or, if the
Company is acting as its own Paying Agent, the Company shall segregate and hold
in trust as provided in Section 10.3) in cash a sum in the currency in
which Securities of such series are payable (except as provided pursuant to Section 3.1)
equal to the principal and any interest accrued to the Redemption Date for
Securities or portions thereof to be redeemed on such sinking fund payment date
pursuant to this Section 12.3.

 

68

 

Neither the Trustee nor the Company shall
redeem any Securities of a series with sinking fund moneys or mail any notice
of redemption of Securities of such series by operation of the sinking fund for
such series during the continuance of a default in payment of interest, if any,
on any Securities of such series or of any Event of Default (other than an
Event of Default occurring as a consequence of this paragraph) with respect to
the Securities of such series, except that if the notice of redemption shall have
been provided in accordance with the provisions hereof, the Trustee (or the
Company, if the Company is then acting as its own Paying Agent) shall redeem
such Securities if cash sufficient for that purpose shall be deposited with the
Trustee (or segregated by the Company) for that purpose in accordance with the
terms of this Article XII. Except as aforesaid, any moneys in the sinking
fund for such series at the time when any such default or Event of Default
shall occur and any moneys thereafter paid into such sinking fund shall, during
the continuance of such default or Event of Default, be held as security for
the payment of the Securities and coupons, if any, of such series; provided,
however, that in case such default or Event of Default shall have been cured or
waived herein, such moneys shall thereafter be applied on the next sinking fund
payment date for the Securities of such series on which such moneys may be
applied pursuant to the provisions of this Section 12.3.

 

ARTICLE XIII

 

SUBORDINATION OF SECURITIES

 

Section 13.1. Securities Subordinate to Senior and Subordinated
Debt.

 

The Company covenants and agrees, and each
Holder of a Security, by its acceptance thereof, likewise covenants and agrees,
that, to the extent and in the manner hereinafter set forth in this Article XIII,
the payment of the principal of (and premium, if any) and interest (including
any Additional Interest) on each and all of the Securities are hereby expressly
made subordinate and subject in right of payment to the prior payment in full
of all amounts then due and payable in respect of all Senior and Subordinated
Debt.

 

Section 13.2. Payment Over of Proceeds Upon Dissolution, Etc.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company (each such
event, if any, herein sometimes referred to as a “Proceeding”), then the
holders of Senior and Subordinated Debt shall be entitled to receive payment in
full of Allocable Amounts of such Senior and Subordinated Debt, or provision
shall be made for such payment in cash or cash equivalents or otherwise in a
manner satisfactory to the holders of Senior and Subordinated Debt, before the
Holders of the Securities are entitled to receive or retain any payment or
distribution of any kind or character, whether in cash, property or securities
(including any payment or distribution which may be payable or deliverable by
reason of the payment of any other Debt of the Company subordinated to the
payment of the Securities, such payment or distribution being hereinafter
referred to as a “Junior

 

69

 

Subordinated Payment”), on account of principal of (or premium, if any)
or interest (including any Additional Interest) on the Securities or on account
of the purchase or other acquisition of Securities by the Company or any
Subsidiary and to that end the holders of Senior and Subordinated Debt shall be
entitled to receive, for application to the payment thereof, any payment or
distribution of any kind or character, whether in cash, property or securities,
including any Junior Subordinated Payment, which may be payable or deliverable
in respect of the Securities in any such Proceeding.

 

In the event that, notwithstanding the
foregoing provisions of this Section 13.2, the Trustee or the Holder of
any Security shall have received any payment or distribution of assets of the
Company of any kind or character, whether in cash, property or securities,
including any Junior Subordinated Payment, before all Allocable Amounts of all
Senior and Subordinated Debt are paid in full or payment thereof is provided
for in cash or cash equivalents or otherwise in a manner satisfactory to the
holders of Senior and Subordinated Debt, and if such fact shall, at or prior to
the time of such payment or distribution, have been made known to the Trustee
or, as the case may be, such Holder, then and in such event such payment or
distribution shall be paid over or delivered forthwith to the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
Person making payment or distribution of assets of the Company for application
to the payment of all Allocable Amounts of all Senior and Subordinated Debt
remaining unpaid, to the extent necessary to pay all Allocable Amounts of all
Senior and Subordinated Debt in full, after giving effect to any concurrent
payment or distribution to or for the holders of Senior and Subordinated Debt.

 

For purposes of this Article XIII only,
the words “any payment or distribution of any kind or character, whether in
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 corporation provided for by a plan of reorganization or readjustment
which securities are subordinated in right of payment to all then outstanding
Senior and Subordinated Debt to substantially the same extent as the Securities
are so subordinated as provided in this Article XIII. 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 sale of all or
substantially all of its properties and assets as an entirety to another Person
upon the terms and conditions set forth in Article VIII shall not be
deemed a Proceeding for the purposes of this Section 13.2 if the Person
formed by such consolidation or into which the Company is merged or the Person
which acquires by sale such properties and assets as an entirety, as the case
may be, shall, as a part of such consolidation, merger, or sale comply with the
conditions set forth in Article VIII.

 

Section 13.3. Prior Payment to Senior and Subordinated Debt
Upon Acceleration of Securities.

 

In the event that any Securities are declared
due and payable before their Stated Maturity, then and in such event the
holders of the Senior and Subordinated Debt outstanding at the time such
Securities so become due and payable shall be entitled to receive payment in

 

70

 

full of all Allocable Amounts due on or in respect of such Senior and
Subordinated Debt (including any amounts due upon acceleration), or provision shall
be made for such payment in cash or cash equivalents or otherwise in a manner
satisfactory to the holders of Senior and Subordinated Debt, before the Holders
of the Securities are entitled to receive any payment or distribution of any
kind or character, whether in cash, properties or securities (including any
Junior Subordinated Payment) by the Company on account of the principal of (or
premium, if any) or interest (including any Additional Interest) on the
Securities or on account of the purchase or other acquisition of Securities by
the Company or any Subsidiary; provided, however, that nothing in this Section 13.3
shall prevent the satisfaction of any sinking fund payment in accordance with
this Indenture or as otherwise specified as contemplated by Section 3.1
for the Securities of any series by delivering and crediting pursuant to Section 12.2
or as otherwise specified as contemplated by Section 3.1 for the
Securities of any series Securities which have been acquired (upon redemption
or otherwise) prior to such declaration of acceleration.

 

In the event that, notwithstanding the
foregoing, the Company shall make any payment to the Trustee or the Holder of
any Security prohibited by the foregoing provisions of this Section 13.3,
and if such fact shall, at or prior to the time of such payment, have been made
known to the Trustee or, as the case may be, such Holder, then and in such
event such payment shall be paid over and delivered forthwith to the Company.

 

The provisions of this Section 13.3
shall not apply to any payment with respect to which Section 13.2 would be
applicable.

 

Section 13.4. No Payment When Senior and Subordinated Debt in
Default.

 

In the event and during the continuation of
any default in the payment of principal of (or premium, if any) or interest on
any Senior and Subordinated Debt, or in the event that any event of default
with respect to any Senior and Subordinated Debt shall have occurred and be
continuing and shall have resulted in such Senior and Subordinated Debt
becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable, unless and until such event of default
shall have been cured or waived or shall have ceased to exist and such
acceleration shall have been rescinded or annulled, or (b) in the event
any judicial proceeding shall be pending with respect to any such default in
payment or such event or default, then no payment or distribution of any kind
or character, whether in cash, properties or securities (including any Junior
Subordinated Payment) shall be made by the Company on account of principal of
(or premium, if any) or interest (including any Additional Interest), if any,
on the Securities or on account of the purchase or other acquisition of
Securities by the Company or any Subsidiary, in each case unless and until all
Allocable Amounts of such Senior and Subordinated Debt are paid in full;
provided, however, that nothing in this Section 13.4 shall prevent the
satisfaction of any sinking fund payment in accordance with this Indenture or
as otherwise specified as contemplated by Section 3.1 for the Securities
of any series by delivering and crediting pursuant to Section 12.2 or as
otherwise specified as contemplated by Section 3.1 for the Securities of
any series Securities which have

 

71

 

been acquired (upon redemption or otherwise) prior to such default in
payment or event of default.

 

In the event that, notwithstanding the
foregoing, the Company shall make any payment to the Trustee or the Holder of
any Security prohibited by the foregoing provisions of this Section 13.4,
and if such fact shall, at or prior to the time of such payment, have been made
known to the Trustee or, as the case may be, such Holder, then and in such
event such payment shall be paid over and delivered forthwith to the Company.

 

The provisions of this Section 13.4
shall not apply to any payment with respect to which Section 13.2 would be
applicable.

 

Section 13.5. Payment Permitted if No Default.

 

Nothing contained in this Article XIII
or elsewhere in this Indenture or in any of the Securities shall prevent (a) the
Company, at any time except during the pendency of any Proceeding referred to
in Section 13.2 or under the conditions described in Sections 13.3 and
13.4, from making payments at any time of principal of (and premium, if any) or
interest (including Additional Interest) on the Securities, or (b) the
application by the Trustee of any money deposited with it hereunder to the
payment of or on account of the principal of (and premium, if any) or interest
(including any Additional Interest) on the Securities or the retention of such
payment by the Holders, if, at the time of such application by the Trustee, it
did not have knowledge that such payment would have been prohibited by the
provisions of this Article XIII.

 

Section 13.6. Subrogation to Rights of Holders of Senior and
Subordinated Debt.

 

Subject to the payment in full of all amounts
due or to become due on all Senior and Subordinated Debt, or the provision for
such payment in cash or cash equivalents or otherwise in a manner satisfactory
to the holders of Senior and Subordinated Debt, the Holders of the Securities
shall be subrogated to the extent of the payments or distributions made to the
holders of such Senior and Subordinated Debt pursuant to the provisions of this
Article XIII (equally and ratably with the holders of all indebtedness of
the Company which by its express terms is subordinated to Senior and
Subordinated Debt of the Company to substantially the same extent as the
Securities are subordinated to the Senior and Subordinated Debt and is entitled
to like rights of subrogation by reason of any payments or distributions made
to holders of such Senior and Subordinated Debt) to the rights of the holders
of such Senior and Subordinated Debt to receive payments and distributions of
cash, property and securities applicable to the Senior and Subordinated Debt
until the principal of (and premium, if any) and interest on the Securities
shall be paid in full. For purposes of such subrogation, no payments or
distributions to the holders of the Senior and Subordinated Debt of any cash,
property or securities to which the Holders of the Securities or the Trustee
would be entitled except for the provisions of this Article, and no payments
over pursuant to the provisions of this Article XIII to the holders of
Senior and Subordinated Debt by Holders of the Securities

 

72

 

or the Trustee, shall, as among the Company, its creditors other than
holders of Senior and Subordinated Debt, and the Holders of the Securities, be
deemed to be a payment or distribution by the Company to or on account of the
Senior and Subordinated Debt.

 

Section 13.7. Provisions Solely to Define Relative Rights.

 

The provisions of this Article XIII are
and are intended solely for the purpose of defining the relative rights of the
Holders of the Securities on the one hand and the holders of Senior and
Subordinated Debt on the other hand. Nothing contained in this Article XIII
or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair,
as between the Company and the Holders of the Securities, the obligations of
the Company, which are absolute and unconditional, to pay to the Holders of the
Securities the principal of (and premium, if any) and interest (including any
Additional Interest) on the Securities as and when the same shall become due
and payable in accordance with their terms; or (b) affect the relative
rights against the Company of the Holders of the Securities and creditors of
the Company other than their rights in relation to the holders of Senior and
Subordinated Debt; or (c) prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture including, without limitation, filing and
voting claims in any Proceeding, subject to the rights, if any, under this Article XIII
of the holders of Senior and Subordinated Debt to receive cash, property and
securities otherwise payable or deliverable to the Trustee or such Holder.

 

Section 13.8. Trustee to Effectuate Subordination.

 

Each Holder of a Security by his or her
acceptance thereof authorizes and directs the Trustee on his or her behalf to
take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination provided in this Article XIII and appoints
the Trustee his or her attorney-in-fact for any and all such purposes.

 

Section 13.9. No Waiver of Subordination Provisions.

 

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

 

Without in any way limiting the generality of
the immediately preceding paragraph, the holders of Senior and Subordinated
Debt may, at any time and from to time, without the consent of or notice to the
Trustee or the Holders of the Securities, without incurring responsibility to
the Holders of the Securities and without impairing or releasing the
subordination provided in this Article or the obligations hereunder of the
Holders of the Securities to the holders of Senior and Subordinated Debt, do
any one or more of the

 

73

 

following: (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior and Subordinated Debt,
or otherwise amend or supplement in any manner Senior and Subordinated Debt or
any instrument evidencing the same or any agreement under which Senior and
Subordinated Debt is outstanding; (ii) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing
Senior and Subordinated Debt; (iii) release any Person liable in any
manner for the collection of Senior and Subordinated Debt; and (iv) exercise
or refrain from exercising any rights against the Company and any other Person.

 

Section 13.10. Notice to Trustee.

 

The Company shall give prompt written notice
to the Trustee of any fact known to the Company which would prohibit the making
of any payment to or by the Trustee in respect of the Securities.
Notwithstanding the provisions of this Article XIII or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts which would prohibit the making of any payment to or by
the Trustee in respect of the Securities, unless and until the Trustee shall have
received written notice thereof from the Company or a holder of Senior and
Subordinated Debt or from any trustee, agent or representative therefor;
provided, however, that if the Trustee shall not have received the notice
provided for in this Section 13.10 at least two Business Days prior to the
date upon which by the terms hereof any monies may become payable for any
purpose (including, without limitation, the payment of the principal of (and
premium, if any) or interest (including any Additional Interest) on any
Security), then, anything herein contained to the contrary notwithstanding, the
Trustee shall have full power and authority to receive such monies and to apply
the same to the purpose for which they were received and shall not be affected
by any notice to the contrary which may be received by it within two Business
Days prior to such date.

 

Subject to the provisions of Section 6.2,
the Trustee shall be entitled to rely on the delivery to it of a written notice
by a Person representing himself to be a holder of Senior and Subordinated Debt
(or a trustee therefor) to establish that such notice has been given by a
holder of Senior and Subordinated Debt (or a trustee therefor). In the event
that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of Senior and Subordinated
Debt to participate in any payment or distribution pursuant to this Article,
the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior and Subordinated Debt
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, 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.

 

74

 

Section 13.11. Reliance on Judicial Order or Certificate of
Liquidating Agent.

 

Upon any payment or distribution of assets of
the Company referred to in this Article XIII, the Trustee, subject to the
provisions of Section 6.2, and the Holders of the Securities shall be
entitled to rely upon any order or decree entered by any court of competent
jurisdiction in which such Proceeding is pending, or a certificate of the
trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for
the benefit of creditors, agent or other Person making such payment or
distribution, delivered to the Trustee or to the Holders of Securities, for the
purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior and Subordinated Debt and other
indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article XIII.

 

Section 13.12. Trustee Not Fiduciary for Holders of Senior and
Subordinated Debt.

 

The Trustee, in its capacity as trustee under
this Indenture, does not and shall be deemed not to owe any fiduciary duty to
the holders of Senior and Subordinated Debt and shall not be liable to any such
holders if it shall in good faith mistakenly pay over or distribute to Holders
of Securities or to the Company or to any other Person cash, property or
securities to which any holders of Senior and Subordinated Debt shall be
entitled by virtue of this Article or otherwise.

 

Section 13.13. Rights of Trustee as Holder of Senior and
Subordinated Debt; Preservation of Trustee’s Rights.

 

The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article XIII with respect
to any Senior and Subordinated Debt which may at any time be held by it, to the
same extent as any other holder of Senior and Subordinated Debt, and nothing in
this Indenture shall deprive the Trustee of any of its rights as such holder.

 

Nothing in this Article XIII shall apply
to or limit claims of, or payments to, the Trustee under or pursuant to Section 6.06.

 

Section 13.14. No Recourse.

 

No recourse may be taken with respect to the
obligations of the Issuer or the Trustee against the Trustee in its individual
capacity.

 

Section 13.15. Article Applicable to Paying Agents.

 

In case at any time any Paying Agent other
than the Trustee shall have been appointed by the Company and be then acting
hereunder, the term “Trustee” as used in this Article XIII shall in such
case (unless the context otherwise requires) be construed as extending to and
including such Paying Agent within its meaning as fully for all intents and
purposes as if such Paying Agent were named in this Article XIII in
addition to or in place of the Trustee.

 

75

 

Section 13.16. Certain Conversions or Exchanges Deemed Payment.

 

For the purposes of this Article XIII
only, (a) the issuance and delivery of junior securities upon conversion
or exchange of Securities shall not be deemed to constitute a payment or
distribution on account of the principal of (or premium, if any) or interest
(including any Additional Interest) on Securities or on account of the purchase
or other acquisition of Securities, and (b) the payment, issuance or
delivery of cash, property or securities (other than junior securities) upon
conversion or exchange of a Security shall be deemed to constitute payment on
account of the principal of such security. For the purposes of this Section 13.15,
the term “junior securities” means (i) shares of any stock of any class of
the Company and (ii) securities of the Company which are subordinated in
right of payment to all Senior and Subordinated Debt which may be outstanding
at the time of issuance or delivery of such securities to substantially the
same extent as, or to a greater extent than, the Securities are so subordinated
as provided in this Article XIII.

 

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

 

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

 

	
   

  	
  SCBT FINANCIAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [WILMINGTON TRUST COMPANY],

  
	
   

  	
  not in its individual capacity but solely
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Its:

  	
   

  

 

76

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