Exhibit 4.8
METRO BANCORP, INC.
and
WILMINGTON TRUST COMPANY,
as Trustee
SUBORDINATED INDENTURE
Dated as of ____________,
20___
Providing for the Issuance
of
Subordinated Debt Securities in
Series
METRO BANCORP, INC.
Reconciliation and Tie between
Trust Indenture Act of 1939
and Indenture
Provisions (1)
Trust Indenture Act
Section
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Section
310
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(a)(1)
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6.09
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(a)(2)
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6.09
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(a)(3)
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Not Applicable
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(a)(4)
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Not Applicable
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(a)(5)
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6.09
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(b)
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6.08, 6.10
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Section
311
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(a)
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6.13
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(b)
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6.13
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Section
312
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(a)
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7.01, 7.02
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(b)
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7.02
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(c)
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7.02
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Section
313
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(a)
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7.03
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(b)
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7.03
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(c)
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7.03
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(d)
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7.03
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Section
314
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(a)
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7.04
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(a)(4)
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10.04
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(b)
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Not Applicable
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(c)(1)
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1.02
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(c)(2)
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1.02
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(c)(3)
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Not Applicable
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Trust Indenture Act
Section
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(d)
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Not Applicable
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(e)
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1.02
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Section
315
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(a)
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6.01
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(b)
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6.02
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(c)
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6.01
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(d)
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6.01
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(e)
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5.14
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Section
316
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(a)
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1.01
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(a)(1)(A)
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5.02, 5.12
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(a)(1)(B)
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5.13
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(a)(2)
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Not Applicable
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(b)
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5.08
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(c)
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1.04
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Section
317
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(a)(1)
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5.03
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(a)(2)
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5.04
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(b)
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10.03
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Section
318
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(a)
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1.07
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(1) This reconciliation and tie shall
not, for any purpose, be deemed to be a part of the
Indenture.
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TABLE OF CONTENTS
Page
ARTICLE I
Definitions and Other Provisions
of General Application
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SECTION
1.01
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Definitions.
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1
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SECTION
1.02
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Compliance
Certificates and Opinions.
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8
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SECTION
1.03
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Form of
Documents Delivered to Trustee.
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8
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SECTION
1.04
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Acts of
Holders; Record Dates.
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9
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SECTION
1.05
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Notices,
Etc., to Trustee and Company.
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11
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SECTION
1.06
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Notice to
Holders; Waiver.
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12
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SECTION
1.07
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Conflict
with Trust Indenture Act.
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12
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SECTION
1.08
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Effect of
Headings and Table of Contents.
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12
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SECTION
1.09
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Successors
and Assigns .
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12
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SECTION
1.10
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Separability
Clause.
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12
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SECTION
1.11
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Benefits of
Indenture.
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13
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SECTION
1.12
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Governing
Law and Waiver of Jury Trial.
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13
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SECTION
1.13
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Legal
Holidays.
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13
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SECTION
1.14
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Computations.
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13
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SECTION
1.15
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Counterparts; Facsimile.
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13
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ARTICLE II
Security Forms
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SECTION
2.01
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Forms
Generally.
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14
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SECTION
2.02
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Form of
Legend for Global Securities.
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14
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SECTION
2.03
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Form of
Trustee’s Certificate of Authentication.
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15
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ARTICLE III
The Securities
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SECTION
3.01
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Creation of
Securities in Amount Unlimited.
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15
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SECTION
3.02
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Documents
Required for Issuance of Each Series of Securities.
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15
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SECTION
3.03
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Denominations .
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18
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SECTION
3.04
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Execution,
Delivery, Dating and Authentication.
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18
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SECTION
3.05
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Temporary
Securities.
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20
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SECTION
3.06
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Registration, Registration of Transfer and
Exchange.
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20
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SECTION
3.07
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Mutilated,
Destroyed, Lost and Stolen Securities .
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22
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SECTION
3.08
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Payment of
Interest; Interest Rights Preserved.
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23
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SECTION
3.09
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Persons
Deemed Owners.
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24
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SECTION
3.10
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Cancellation.
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24
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SECTION
3.11
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Computation
of Interest.
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25
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SECTION
3.12
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Depository.
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25
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SECTION
3.13
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CUSIP
Numbers.
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26
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ARTICLE IV
Satisfaction and
Discharge
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SECTION
4.01
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Satisfaction
and Discharge of Indenture in Respect of any Series of
Securities.
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26
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SECTION
4.02
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Application
of Trust Money.
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27
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ARTICLE V
Remedies
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SECTION
5.01
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Events of
Default.
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27
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SECTION
5.02
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Acceleration
of Maturity; Rescission and Annulment.
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29
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SECTION
5.03
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Collection
of Indebtedness and Suits for Enforcement by
Trustee.
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30
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SECTION
5.04
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Trustee May
File Proofs of Claim.
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31
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SECTION
5.05
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Trustee May
Enforce Claims Without Possession of Securities.
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31
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SECTION
5.06
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Application
of Money Collected.
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31
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SECTION
5.07
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Limitation
on Suits.
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32
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SECTION
5.08
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Unconditional Right of Holders to Receive
Principal, Premium and Interest.
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32
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SECTION
5.09
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Restoration
of Rights and Remedies.
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33
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SECTION
5.10
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Rights and
Remedies Cumulative.
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33
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SECTION
5.11
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Delay or
Omission Not Waiver.
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33
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SECTION
5.12
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Control by
Holders.
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33
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SECTION
5.13
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Waiver of
Past Defaults.
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34
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SECTION
5.14
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Undertaking
for Costs.
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34
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SECTION
5.15
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Waiver of
Stay or Extension Laws.
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34
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ARTICLE VI
The Trustee
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SECTION
6.01
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Certain
Duties and Responsibilities.
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35
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SECTION
6.02
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Notice of
Defaults.
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35
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SECTION
6.03
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Certain
Rights of Trustee.
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35
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SECTION
6.04
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Not
Responsible for Recitals or Issuance of Securities.
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37
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SECTION
6.05
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May Hold
Securities.
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37
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SECTION
6.06
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Money Held
in Trust.
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37
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SECTION
6.07
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Compensation
and Reimbursement.
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37
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SECTION
6.08
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Disqualification; Conflicting
Interests.
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38
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SECTION
6.09
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Corporate
Trustee Required; Eligibility.
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39
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SECTION
6.10
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Resignation
and Removal; Appointment of Successor.
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39
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SECTION
6.11
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Acceptance
of Appointment by Successor.
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41
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SECTION
6.12
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Merger,
Conversion, Consolidation or Succession to Business.
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42
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SECTION
6.13
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Preferential
Collection of Claims Against Company.
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42
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SECTION
6.14
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Appointment
of Authenticating Agent.
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42
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ARTICLE VII
Holders’ Lists and Reports
by Trustee and Company
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SECTION
7.01
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Company to
Furnish Trustee Names and Addresses of Holders.
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44
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SECTION
7.02
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Preservation
of Information; Communications to Holders.
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44
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SECTION
7.03
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Reports by
Trustee.
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44
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SECTION
7.04
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Reports by
Company.
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45
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ARTICLE VIII
Consolidation, Merger, Conveyance
or Transfer
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SECTION
8.01
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Company May
Consolidate, Etc., Only on Certain Terms.
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46
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SECTION
8.02
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Successor
Corporation Substituted.
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46
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ARTICLE IX
Supplemental
Indentures
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SECTION
9.01
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Supplemental
Indentures Without Consent of Holders.
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47
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SECTION
9.02
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Supplemental
Indentures with Consent of Holders.
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48
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SECTION
9.03
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Execution of
Supplemental Indentures.
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49
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SECTION
9.04
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Effect of
Supplemental Indentures.
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49
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SECTION
9.05
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Conformity
with Trust Indenture Act.
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50
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SECTION
9.06
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Reference in
Securities to Supplemental Indentures.
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50
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ARTICLE X
Covenants
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SECTION
10.01
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Payment of
Principal, Premium and Interest .
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50
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SECTION
10.02
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Maintenance
of Office or Agency.
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50
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SECTION
10.03
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Money for
Securities Payments to be Held in Trust.
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51
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SECTION
10.04
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Statement by
Officers as to Default.
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52
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SECTION
10.05
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Limitations
on Liens on Stock of Restricted Subsidiaries.
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53
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SECTION
10.06
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Limitations
on Issue or Disposition of Stock of Restricted
Subsidiaries.
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53
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SECTION
10.07
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Waiver of
Certain Covenants.
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53
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ARTICLE XI
Redemption of
Securities
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SECTION
11.01
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Applicability of Article.
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53
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SECTION
11.02
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Election to
Redeem; Notice to Trustee.
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54
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SECTION
11.03
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Selection by
Trustee of Securities to be Redeemed.
|
54
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SECTION
11.04
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Notice of
Redemption.
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54
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SECTION
11.05
|
Deposit of
Redemption Price.
|
55
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SECTION
11.06
|
Securities
Payable on Redemption Date.
|
56
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SECTION
11.07
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Securities
Redeemed in Part.
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56
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ARTICLE XII
Sinking Funds
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SECTION
12.01
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Applicability of Article.
|
56
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SECTION
12.02
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Satisfaction
of Sinking Fund Payments with Securities.
|
57
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SECTION
12.03
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Redemption
of Securities for Sinking Fund.
|
57
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ARTICLE XIII
Subordination of
Securities
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SECTION
13.01
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Securities
Subordinate to Senior Indebtedness.
|
57
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SECTION
13.02
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Payment Over
of Proceeds Upon Dissolution, Etc.
|
58
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SECTION
13.03
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Prior
Payment to Senior Indebtedness Upon Acceleration of
Securities.
|
59
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SECTION
13.04
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No Payment
When Senior Indebtedness in Default.
|
59
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SECTION
13.05
|
Payment
Permitted if No Default.
|
60
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|
SECTION
13.06
|
Subrogation
to Rights of Holders of Senior Indebtedness.
|
60
|
|
SECTION
13.07
|
Provisions
Solely to Define Relative Rights.
|
60
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|
SECTION
13.08
|
Trustee to
Effectuate Subordination.
|
61
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SECTION
13.09
|
No Waiver of
Subordination Provisions.
|
61
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SECTION
13.10
|
Notice to
Trustee.
|
61
|
|
SECTION
13.11
|
Reliance on
Judicial Order or Certificate of Liquidating Agent.
|
62
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|
SECTION
13.12
|
Trustee Not
Fiduciary For Holders of Senior Indebtedness.
|
62
|
|
SECTION
13.13
|
Rights of
Trustee as Holder of Senior Indebtedness; Preservation of
Trustee’s Rights.
|
62
|
|
SECTION
13.14
|
Article
Applicable to Paying Agents.
|
62
|
|
SECTION
13.15
|
Certain
Conversions or Exchanges Deemed Payment.
|
63
|
ARTICLE XIV
Defeasance and Covenant
Defeasance
|
SECTION
14.01
|
Company’s Option to Effect Defeasance or
Covenant Defeasance.
|
63
|
|
SECTION
14.02
|
Defeasance
and Discharge.
|
63
|
|
SECTION
14.03
|
Covenant
Defeasance.
|
63
|
|
SECTION
14.04
|
Conditions
to Defeasance or Covenant Defeasance.
|
64
|
|
SECTION
14.05
|
Deposited
Money or U.S. Government Obligations to Be Held in Trust;
Miscellaneous Provisions.
|
65
|
|
SECTION
14.06
|
Reinstatement.
|
66
|
SUBORDINATED INDENTURE, dated as of
_____________, 20___, between Metro Bancorp, Inc. , a
Pennsylvania corporation (the “ Company ”), and
Wilmington Trust Company, a Delaware banking corporation, as
trustee hereunder (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 subordinated debentures, notes or
other evidences of indebtedness (the “Securities”), to
be issued in one or more series as provided in this
Indenture.
All things necessary to make this Indenture a
valid agreement of the Company, in accordance with 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 a series thereof, as
follows:
ARTICLE I
Definitions and Other Provisions
of General Application
SECTION 1.01 Definitions
.
For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise
requires:
(a) the terms defined
in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular;
(b) all other terms
used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to
them therein;
(c) all accounting
terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles,
and, except as otherwise herein expressly provided, the term
“generally accepted accounting principles” with respect
to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted in the United
States of America at the date of such computation; and
(d) the words
“herein”, “hereinafter”,
“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. Certain terms,
used principally within an Article of this Indenture, may be
defined in that Article.
“ Act ”, when used with
respect to any Holder, has the meaning specified in Section
1.04.
“ Affiliate ” of any
specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this
definition, “control” when used with respect to any
specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and
the terms “controlling” and “controlled”
have meanings correlative to the foregoing.
“ Authenticating Agent ”
means any Person authorized by the Trustee pursuant to Section 6.14
to act on behalf of the Trustee to authenticate Securities of one
or more series.
“ Board of Directors ” means
the board of directors of the Company or any duly authorized
committee of that board.
“ Board Resolution ” means a
copy of a resolution certified by Secretary or Assistant Secretary
of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such
certification and delivered to the Trustee.
“ Business Day ” means each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in Wilmington, Delaware or, when used
with respect to any Place of Payment, that Place of Payment are
authorized or obligated by law or executive order to
close.
“ Capital Stock ” means any
and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however
designated) corporate stock.
“ Commission ” means the
Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act or, if at any time
after the execution of this instrument such Commission is not
existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such
time.
“ Company ” means the Person
named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor Person.
“ Company Request ” or
“ Company Order ” means a written request or
order signed in the name of the Company by one of its officers and
delivered to the Trustee.
“ Corporate Trust Office ”
means the principal office of the Trustee at which at any
particular time its corporate trust business shall be principally
administered, which office at the date hereof is Rodney Square
North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
except that with respect to the presentation of Securities for
payment or for registration of transfer and exchange, such term
shall mean the office or the agency of the Trustee designated for
such purpose.
“ Corporation ” includes
corporations, associations, companies (including limited liability
companies) and business trusts.
“ Covenant Defeasance ” has
the meaning specified in Section 14.03.
“ Defaulted Interest ” has
the meaning specified in Section 3.08(b).
“ Defeasance ” has the
meaning specified in Section 14.02.
“ Depository ” means the
clearing agency registered under the Exchange Act that is
designated by the Company to act as depository for any series of
Securities (or any successor to such clearing agency).
“ Dollar ” means the currency
of the United States of America 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 Section 5.01.
“ Exchange Act ” means the
Securities Exchange Act of 1934 and any statute successor thereto,
in each case as amended from time to time.
“ Expiration Date ” has the
meaning specified in Section 1.04.
“ Global Security ” means a
Security that evidences all or part of the Securities of any series
and bears the legend set forth in Section 2.02 (or such legend as
may be specified as contemplated by Section 3.02 for such
Securities).
“ Holder ” or “
holder ” means a Person in whose name at the time a
particular Security is registered in the Security
Register.
“ Indebtedness ” of any
Person means the principal of (and premium, if any) and interest,
if any, due on indebtedness of such Person, whether outstanding on
the date of this Indenture or thereafter created, incurred or
assumed, whether recourse is to all or a portion of the assets of
such Person and whether or not contingent, which is (a)
indebtedness for money borrowed, and (b) any amendments, renewals,
extensions, modifications and refundings of any such indebtedness.
For the purposes of this definition, “indebtedness for money
borrowed” means (i) any obligation of, or any obligation
guaranteed by, such Person for the repayment of borrowed money,
whether or not evidenced by bonds, debentures, notes or other
written instruments, (ii) any obligation of, or any such obligation
guaranteed by, such Person evidenced by bonds, debentures, notes or
similar written instruments, including obligations assumed or
incurred in connection with the acquisition of property, assets or
businesses (provided, however, that the deferred purchase price of
any property, assets or business shall not be considered
Indebtedness if the purchase price thereof is payable in full
within 90 days from the date on which such indebtedness was
created), and (iii) any obligations of such Person as lessee under
leases required to be capitalized on the balance sheet of the
lessee under generally accepted accounting principles and leases of
property or assets made as part of any sale and lease-back
transaction to which such Person is a party. Indebtedness does not
include trade accounts payable or accrued liability arising in the
ordinary course of business.
“ 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,
including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act
that are deemed to be
a part of and
govern this instrument and any such supplemental indenture,
respectively. The term “Indenture” shall
also include the terms of particular series of Securities
established as contemplated by Section 3.02.
“ Interest Payment Date ”,
when used with respect to any Security, means the Stated Maturity
of an installment of interest on such Security.
“ Interest Rate ” means the
rate of interest specified or determined as specified in each
Security as being the rate of interest payable on such
Security.
“ Investment Company Act ”
means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time.
“ Junior Subordinated Payment
” has the meaning specified in Section 13.02.
“ Lien ” means any mortgage,
pledge, security interest or lien or other encumbrance of any
nature whatsoever.
“ Maturity ”, when used 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, call for redemption or
otherwise.
“ Notice of Default ” means a
written notice of the kind specified in Section
5.01(iv).
“ Officer’s Certificate
” means a certificate signed by an officer of the Company,
and delivered to the Trustee. Each such Officer’s Certificate
shall contain the statements provided in Section 1.02 if and to the
extent required by the provisions of such Section.
“ Opinion of Counsel ” means
a written opinion of counsel, who may be counsel for or an employee
of the Company and who shall be acceptable to the
Trustee. Each Opinion of Counsel shall contain the
statements provided in Section 1.02 if and to the extent required
by the provisions of such Section.
“ Original Issue Date ” means
the date of issuance specified as such in each Security.
“ Original Issue 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 5.02.
“ Outstanding ” or “
outstanding ”, when used 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 delivered or deemed
delivered to the Trustee for cancellation;
(ii) Securities for
whose payment or redemption money in the necessary amount and in
the required currency or currency unit 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; 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 as to
which Defeasance has been effected pursuant to Section 14.02;
and
(iv) Securities which
have been paid pursuant to Section 3.07 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 the Outstanding Securities have given, made or taken any
request, demand, authorization, direction, notice, consent, waiver
or other action hereunder as of any date, (A) the principal amount
of an Original Issue Discount Security which shall be deemed to be
Outstanding shall be the amount of the principal thereof which
would be due and payable as of such date upon acceleration of the
Maturity thereof to such date pursuant to Section 5.02,
(B) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the
amount as specified or determined as contemplated by Section 3.02,
(C) the principal amount of a Security denominated in one or more
foreign currencies or currency units which shall be deemed to be
Outstanding shall be the Dollar equivalent, determined as of such
date in the manner provided as contemplated by Section 3.02, of the
principal amount of such Security (or, in the case of a Security
described in clause (A) or (B) above, of the amount determined as
provided in such clause), and (D) Securities owned by the Company
or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the
Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other
action, only Securities which the Trustee 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 of such other
obligor.
“ Paying Agent ” means the
Trustee or any other Person authorized by the Company to pay the
principal of (and premium, if any) or interest, if any, on any
Securities on behalf of the Company.
“ Person ” or “
person ” means any individual, corporation,
partnership, joint venture, association, limited liability company,
joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision
thereof.
“ Place of Payment ”, when
used with respect to the Securities of any series, means the place
or places where the principal of (and premium, if any) and
interest, if any, on the Securities of that series are payable as
specified in accordance with Section 3.02.
“ 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 3.07 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security
shall be deemed to evidence the same debt as the mutilated,
destroyed, lost or stolen Security.
“ Proceeding ” has the
meaning specified in Section 13.02.
“ 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 as calculated by the Company pursuant
to this Indenture.
“ Regular Record Date ” for
the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as
contemplated by Section 3.02, which date shall be, unless otherwise
specified pursuant to Section 3.02, the fifteenth day preceding
such Interest Payment Date, whether or not such day shall be a
Business Day.
“ Responsible Trust Officer
”, when used with respect to the Trustee, means any of the
following officers of the Trustee who engage in corporate trust
matters on behalf of the Trustee: any Vice President, any assistant
Vice President, the treasurer, any assistant treasurer, any trust
officer or assistant trust officer, or any other officer of the
Trustee customarily performing functions similar to those performed
by any of the above designated officers who shall have direct
responsibility for the administration of this Indenture and also
means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular
subject.
“ Restricted Subsidiary ”
means Metro Bank so long as it remains a Subsidiary, and any
successor to all or a principal part of its assets and any other
Subsidiary which the Board of Directors designates as a Restricted
Subsidiary.
“ Securities ” has the
meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under
this Indenture.
“ Security Register ” has the
meaning specified in Section 3.06(a).
“ Security Registrar ” means
the Person appointed as the initial Security Registrar in Section
3.06(a) or any Person appointed by the Company as a successor or
replacement Security Registrar.
“ Senior Indebtedness ” means
the principal of (and premium, if any) and interest, if any
(including interest accruing on or after the filing of any petition
in bankruptcy or for reorganization relating to the Company whether
or not such claim for post-petition interest is
allowed in such
proceeding), on Indebtedness, 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 or to other
Indebtedness which is pari passu with, or subordinated to, the
Securities; provided, however, that Senior Indebtedness shall not
be deemed to include (a) any Indebtedness of the Company which,
when incurred and without respect to any election under Section
1111(b) of Title 11, United States Code, was without recourse to
the Company, (b) any Indebtedness of the Company to any of its
Subsidiaries, (c) Indebtedness to any employee of the Company or
any employee of a Subsidiary of the Company, (d) any liability for
taxes, (e) Indebtedness or other monetary obligations to trade
creditors created or assumed by the Company or any of its
Subsidiaries in the ordinary course of business in connection with
the obtaining of goods, materials or services and (f) the
Securities.
“ Special Record Date ” for
the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.08(b).
“ Stated Maturity ”, when
used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such
Security as the fixed date on which the principal of such Security
or such installment of principal or interest is due and
payable.
“
Subsidiary ” means any entity of which at the time of
determination the Company and/or one or more other Subsidiaries
owns or controls directly or indirectly more than 50% of the shares
of Voting Stock.
“ 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 and any statute successor thereto,
in each case as amended from time to time.
“ United States ” means the
United States of America (including the states and the District of
Columbia), its territories, its possessions and other areas subject
to its jurisdiction.
“ U.S. Government Obligation
” means, with respect to the Securities of any series,
securities which are (i) direct obligations of the United States or
(ii) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States the payment of
which is unconditionally guaranteed by the United States and which,
in either case, are full faith and credit obligations of the United
States and are not callable or redeemable at the option of the
issuer thereof and shall also include a depository receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act of
1933, as amended) as custodian with respect to any such U.S.
Government Obligation held by such custodian for the account of the
holder of such depository receipt; provided that (except as
required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such
depository
receipt from
any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of interest on or
principal of the U.S. Government Obligation evidenced by such
depository receipt.
“ Vice President ”, when used
with respect to 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 in the election of directors,
managers or trustees of such Corporation (irrespective of whether
or not at the time stock of any other class or classes shall have
or might have voting power by reason of the happening of any
contingency).
SECTION 1.02 Compliance
Certificates and Opinions .
(a) 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 such certificates and opinions as may be
required under the Trust Indenture Act. Each such
certificate and opinion shall be given in the form of an
Officer’s Certificate, if to be given by an officer of the
Company, and an Opinion of Counsel, if to be given by counsel, and
shall comply with the requirements of the Trust Indenture Act and
any other requirements set forth in this Indenture. In
the case of an 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.
(b) Unless expressly
otherwise specified with respect to any certificate or opinion
provided for in this Indenture, every certificate or opinion with
respect to compliance with a condition or covenant provided for in
this Indenture (other than annual certificates provided pursuant to
Section 10.04) shall include:
(i) a statement that
each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating
thereto;
(ii) a brief statement
as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or
opinion are based;
(iii) a statement that,
in the opinion of 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
(iv) a statement as to
whether or not, in the opinion of each such individual, such
condition or covenant has been complied with.
SECTION 1.03 Form of
Documents Delivered to Trustee .
(a) 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.
(b) 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.
(c) Where any Person
is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be
consolidated and form one instrument.
SECTION 1.04 Acts of
Holders; Record Dates .
(a) 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 any series may be embodied in and evidenced by (i)
one or more instruments of substantially similar tenor signed by
such Holders in person or by proxies duly appointed in writing,
(ii) the record of such Holders 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, or (iii) a
combination of any such record and one or more instruments of
substantially similar tenor signed by such Holders in person or by
proxies duly appointed in writing. Except as herein otherwise
expressly provided, such action shall become effective when such
record and/or instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required, to the Company.
Such record or 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 or so voting at any such meeting. Proof of execution of
any such instrument or of a writing appointing any such proxy shall
be sufficient for any purpose of this Indenture and (subject to
Section 6.01) conclusive in favor of the Trustee and the Company,
if made in the manner provided in this Section. Without limiting
the generality of the foregoing, a Holder, including a Depositary
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 Depositary 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.
(b) The fact and date
of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by
a certificate of a notary public or other officer authorized by law
to take acknowledgments of deeds, certifying
that the
individual signing such instrument or writing acknowledged to him
the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity,
such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other
manner which the Trustee deems sufficient and in accordance with
such reasonable rules as the Trustee determines.
(c) The ownership of
Securities shall be proved by the Security Register.
(d) Any request,
demand, authorization, direction, notice, consent, waiver or other
Act of 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, omitted 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.
(e) 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 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 cancelled 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 1.06.
(f) The Trustee may
set any day as a record date for the purpose of determining the
Holders of Outstanding Securities entitled to join in the giving or
making of (i) any Notice of Default, (ii) any declaration of
acceleration, or any rescission or annulment of any such
declaration, referred to in Section 5.02, (iii) any request to
institute proceedings referred to in Section 5.07(ii) or (iv) any
direction referred to in Section 5.12. If any record date is set
pursuant to this paragraph, the Holders of Outstanding Securities
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
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
cancelled 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 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 1.06.
(g) 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 1.06, 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.
(h) 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 1.05 Notices, Etc.,
to Trustee and Company .
Any request, demand, authorization, direction,
notice, consent, waiver or other Act of Holders or other document
provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with:
(a) the Trustee by any
Holder or by the Company shall be made, given, furnished or filed
in writing to or with the Trustee at its Corporate Trust Office and
unless otherwise herein expressly provided, any such document shall
be deemed to be sufficiently made, given, furnished or filed upon
its actual receipt by a Responsible Trust Officer of the Trustee,
or
(b) 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 delivered in person, mailed, first-class postage
prepaid, or sent by overnight mail to the Company addressed to it
at 3801 Paxton Street, Harrisburg, Pennsylvania 17111 or at any
other address previously furnished in writing to the Trustee by the
Company, Attention: Legal Department.
(c) Neither the
Company nor the Trustee shall be deemed to have received any such
request, demand, authorization, direction, notice, consent, waiver
or other Act of Holders unless given, furnished or filed as
provided in this Section 1.05.
SECTION 1.06 Notice to
Holders; Waiver .
(a) Where this
Indenture provides for notice to Holders of any event, such notice
shall be sufficiently given (unless otherwise herein expressly
provided or unless otherwise specified in such Securities) if in
writing and delivered in person, mailed, first-class postage
prepaid or sent by overnight mail, to each Holder affected by such
event, at his address as it appears in the Security Register,
within the time prescribed for the giving of such notice,
and
(b) In 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 to Holders in
the manner specified above, then such notification as shall be made
with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.
(c) In any case where
notice to a Holder is given in any manner specified in paragraph
(a) above, such notice shall be conclusively presumed to have been
duly given, whether or not such Holder receives such notice. In any
case where notice to Holders is given in any manner specified in
paragraph (a) above, neither the failure to deliver, mail or send
such notice, nor any defect in any notice so mailed or sent, to any
particular Holder shall affect the sufficiency of such notice with
respect to other Holders.
(d) 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 1.07 Conflict with
Trust Indenture Act .
If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act which is
required under such Act to be a part of and govern this Indenture,
the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture
Act which may be so modified or excluded, the latter provision
shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be.
SECTION 1.08 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 1.09 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 hereunder and the Holders, any
benefit or any legal or equitable right, remedy or claim under this
Indenture.
SECTION 1.12 Governing Law
and Waiver of Jury Trial .
This Indenture and the Securities shall be
governed by and construed in accordance with the laws of the State
of New York, without giving effect to applicable principles of
conflicts of laws to the extent the laws of another jurisdiction
would be required thereby. EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE
SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.
SECTION 1.13 Legal
Holidays .
In any case where any Interest Payment Date,
Redemption Date, Maturity, or Stated Maturity of any Security shall
not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the
Securities (other than a provision of any Security which
specifically states that such provision shall apply in lieu of this
Section)) payment of interest or principal (and premium, if any)
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 Maturity or Stated Maturity, as
the case may be, provided that no interest shall accrue for
the period from and after such Interest Payment Date, Redemption
Date, Maturity or Stated Maturity, as the case may be, to the next
succeeding Business Day at such Place of Payment.
SECTION 1.14
Computations .
Unless otherwise specifically provided, the
certificate or opinion of any independent firm of public
accountants of recognized standing selected by the Chief Financial
Officer or Chief Accounting Officer of the Company shall be
conclusive evidence of the correctness of any computation made
under the provisions of this Indenture. The Company
shall furnish to the Trustee upon its request a copy of any such
certificate or opinion.
SECTION 1.15 Counterparts;
Facsimile .
This Indenture may be executed in any number of
counterparts and by the parties hereto in separate counterparts,
and signature pages may be delivered by facsimile, each of which
when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same
agreement.
ARTICLE II
Security Forms
SECTION 2.01 Forms
Generally .
The Securities of each series shall be in the
form or forms established by or pursuant to a Board Resolution or
in one or more indentures supplemental hereto, in each case with
such appropriate provisions 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 Depository therefor or as may,
consistently herewith, be determined by the officer executing such
Securities, as evidenced by the officer’s execution thereof.
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 3.04 with respect to the authentication and delivery of
such Securities.
The Trustee’s certificate of
authentication shall be substantially in the form set forth in this
Article.
The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be
produced in any other manner, all as determined by the officer
executing such Securities, as evidenced by the officer’s
execution of such Securities.
The Securities of each series will initially be
issued in the form of one or more Global Securities. Each such
Global Security shall represent such of the Outstanding Securities
of such series as shall be specified therein and each shall provide
that it shall represent the aggregate amount of Outstanding
Securities of such series from time to time endorsed thereon and
that the aggregate amounts of Outstanding Securities of such series
represented thereby may from time to time be reduced or increased,
as appropriate. The Global Security or Securities evidencing the
Securities of a series (and all Securities issued in exchange
therefore) shall bear the legend indicated in Section
2.02.
SECTION 2.02 Form of Legend
for Global Securities .
Every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the
following form:
UNLESS THIS SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL
INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF DTC OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN DTC OR SUCH NOMINEE, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
SECTION 2.03 Form of
Trustee’s Certificate of Authentication .
The Trustee’s certificates of
authentication shall be in substantially the following
form:
Certificate of
Authentication
This is one of the Securities referred to in the
within-mentioned Indenture.
Dated:
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Wilmington
Trust Company, as Trustee
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By:_____________________________
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Authorized
Signatory
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ARTICLE III
The Securities
SECTION 3.01 Creation of
Securities in Amount Unlimited .
An unlimited aggregate principal amount of
Securities may be issued pursuant to this Article III. The
Securities may be authenticated and delivered, as authorized by the
Board of Directors, in an unlimited number of series.
SECTION 3.02 Documents
Required for Issuance of Each Series of Securities .
At any time and from time to time, Securities of
each series created pursuant to the provisions of this Article III
may be executed by the Company and delivered to the Trustee and
shall be authenticated by the Trustee upon the order of the Company
upon receipt by the Trustee of the following:
(a) A Board Resolution
or Board Resolutions authorizing the execution, authentication and
delivery of the Securities of the series, or one or more indentures
supplemental hereto, specifying:
(i) the title of the
Securities of the series (which shall distinguish the Securities of
the series from all other Securities);
(ii) any limit upon the
aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Article III (except
for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of
the same series pursuant to Section 3.05, 3.06, 3.07, 9.06 or 11.07
and except for any Securities which, pursuant to Section 3.04, 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;
(iii) the date or dates
on which the principal (and premium, if any) of any of the
Securities of the series are payable or the method of determination
thereof;
(iv) the rate or rates,
or the method of determination thereof, at which any of the
Securities of the series shall bear interest, if any, the date or
dates from which such interest shall accrue, the Interest Payment
Dates on which such interest shall be payable and the Regular
Record Date (if other than as defined in this Indenture) for the
interest payable on any Securities on any Interest Payment
Date;
(v) the place or
places where the principal of (and premium, if any) and interest,
if any, on any of the Securities of the series shall be payable and
the office or agency for the Securities of the series maintained by
the Company pursuant to Section 10.02;
(vi) the period or
periods within which, the price or prices at which and the terms
and conditions upon which any of the Securities of the series may
be redeemed or prepaid, in whole or in part, at the option of the
Company;
(vii) the terms of any
sinking fund and the obligation or the right, if any, of the
Company to redeem, 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;
(viii) the terms, if any,
for the attachment to Securities of the series of warrants, options
or other rights to purchase or sell stock or other securities of
the Company;
(ix) if other than
denominations of $1,000 and in any integral multiple thereof, the
denominations in which the Securities of the series shall be
issuable;
(x) if other than the
principal amount thereof, the portion of the principal amount of
any of the Securities of the series which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to
Section 5.02;
(xi) any deletions or
modifications of or additions to the Events of Default set forth in
Section 5.01 or covenants of the Company set forth in Article VIII
or X pertaining to the Securities of the series;
(xii) the form or forms
of the Securities of the series;
(xiii) if other than
Dollars, the currency or currencies, or currency unit or units, in
which the Securities of such series will be denominated and/or in
which payment of the principal of (and premium, if any) and
interest, if any, on any of the Securities of the series shall be
payable;
(xiv) if the principal
of (and premium, if any) or interest, if any, on any of the
Securities of the series are to be payable at the election of the
Company or a Holder thereof, or under some or all other
circumstances, in a currency or currencies, or currency unit or
units, other than that in which the Securities are denominated, the
period or periods within which, and the terms and conditions upon
which, such election may be made, or the other circumstances under
which any of the Securities are to be so payable, including,
without limitation, any provision requiring the Holder to bear
currency exchange costs by deduction from such payments;
(xv) if the amount of
payments of principal of (and premium, if any) or interest, if any,
on any of the Securities of the series may be determined with
reference to an index or indices based on (A) a currency or
currencies or currency unit or units other than that in which such
Securities are stated to be payable or (B) any method, not
inconsistent with the provisions of this Indenture, specified in or
pursuant to such Board Resolution, then in each case (A) and (B)
the manner in which such amounts shall be determined;
(xvi) 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;
(xvii) whether any
Securities of the series are to be issuable initially in temporary
global form and whether any Securities of the series are to be
issuable in definitive global form and, if so, whether beneficial
owners of interests in any such definitive global Security may
exchange such interests for Securities of such series and of like
tenor of any authorized form and denomination and the circumstances
under which and the place or places where any such exchanges may
occur, if other than in the manner provided in Section
3.06;
(xviii) if the Securities
of the series are to be issued upon the exercise of warrants, the
time, manner and place for such Securities to be authenticated and
delivered;
(xix) whether and under
what circumstances and with what procedures and documentation the
Company will pay additional amounts on any of the Securities of the
series to any Holder who is not a U.S. Person (including a
definition of such term), in respect of any tax assessment or
governmental charge withheld or deducted and, if so, whether the
Company will have the option to redeem such Securities rather than
pay additional amounts (and the terms of any such
option);
(xx) the Person to whom
any interest on any Security of the series shall be payable, if
other than 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, and
the extent to
which, or the manner in which, any interest payable on a temporary
global Security on an Interest Payment Date will be paid if other
than in the manner provided in Section 3.05;
(xxi) the terms and
conditions of any right or obligation on the part of the Company,
or any option on the part of the Holders, to convert or exchange
the Securities of such series into cash or any other securities or
property of the Company or any other Person, 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;
(xxii) whether and under
what circumstances any or all of the provisions of this Indenture
relating to the subordination of the Securities (including the
provisions of Article XIII), or different subordination provisions,
including a different definition of “Senior
Indebtedness” will apply or cease to apply to the Securities
of the series; and
(xxiii) any other terms of
any of the Securities of the series (which terms shall not be
inconsistent with the provisions of this Indenture).
If any of the terms of the series are
established by action taken pursuant to a Board Resolution or Board
Resolutions, 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.
(b) In case the
Securities of the series to be authenticated and delivered are to
be created pursuant to one or more supplemental indentures, such
supplemental indenture or indentures, accompanied by a Board
Resolution or Board Resolutions authorizing such supplemental
indenture or indentures and designating the new series to be
created and prescribing, pursuant to paragraph (a) above,
consistent with the applicable provisions of this Indenture, the
terms and provisions relating to the Securities of the
series.
SECTION 3.03
Denominations .
The Securities of each series issued in
registered form shall be issuable in such denominations as shall be
specified as contemplated by Section 3.02. In the absence of any
such provisions with respect to the Securities of any series, the
Securities of such series denominated in Dollars shall be issuable
in denominations of $l,000 and in any integral multiple thereof.
Each Security shall bear the appropriate legends, if any, as
required by U.S. Federal tax law and regulations.
SECTION 3.04 Execution,
Delivery, Dating and Authentication .
(a) The Securities
shall be executed on behalf of the Company by a manual or facsimile
signature of one of its officers or, if required by any securities
exchange on which the Securities may be listed, by a manual or
facsimile signature of two of its officers. In case an officer of
the Company who shall have signed any of the Securities shall cease
to be such officer before the Securities so signed shall have been
authenticated and delivered by the Trustee or disposed of by the
Company, such Securities nevertheless may be authenticated and
delivered or disposed of as though the person who signed such
Securities had not ceased to be such officer; and any Securities
may be signed on behalf of the Company by such person as, at the
actual date
of the
execution of such Security, shall be such officer of the Company,
although at the date of the execution of this Indenture any such
person was not such officer.
(b) At any time and
from time to time, 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
2.01 and 3.02, 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 6.01) shall be fully protected in relying upon, an
Opinion of Counsel stating:
(i) if the form of
such Securities has been established by or pursuant to Board
Resolution as permitted by Sections 2.01 and 3.02, that such form
has been established in conformity with the provisions of this
Indenture;
(ii) if the terms of
such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.02, that such terms have been
established in conformity with the provisions of this
Indenture;
(iii) that such
Securities have been duly executed and, 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 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;
and
(iv) such other matters
as the Trustee may reasonably request.
(c) The Trustee shall
not be required to authenticate Securities of any series 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.
(d) Notwithstanding
the provisions of Section 3.02, if all Securities of a series are
not to be originally issued at one time, it shall not be necessary
to deliver the Officer’s Certificate otherwise required
pursuant to Section 3.02 or the Company Order and Opinion of
Counsel otherwise required pursuant to Section 3.04(b) 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.
(e) Each Security
shall be dated the date of its authentication.
(f) 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 manual signature, 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 duly 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 3.10 together with a written
statement (which need not comply with Section 1.02 and need not be
accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Company, 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.
(g) Minor
typographical and other minor errors in the text of any Security
shall not affect the validity and enforceability of such Security
if it has been duly authenticated and delivered by the
Trustee.
(h) The Company shall
execute and the Trustee shall authenticate and deliver one or more
Global Securities with respect to each series of Securities that
(i) shall represent an aggregate amount equal to the aggregate
principal amount of the initially issued Securities of such series,
(ii) shall be registered in the name of the Depository or the
nominee of the Depository, (iii) shall be delivered by the Trustee
to the Depository or pursuant to the Depository’s instruction
and (iv) shall bear a legend substantially in the form required in
Section 2.02.
The Depository must, at all times while it
serves as such Depository, be a clearing agency registered under
the Exchange Act and any other applicable statute or
regulation.
SECTION 3.05 Temporary
Securities .
(a) 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 authorized
denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other
variations as the officer executing such Securities may determine
(but which do not affect the rights, duties or immunities of the
Trustee), as evidenced conclusively by his or her execution of such
Securities. Such temporary Securities may be in global
form.
(b) 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 in a Place of Payment 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 a like
principal amount of definitive Securities of the same series of
authorized denominations and having the same Original Issue Date
and Stated Maturity and having the same terms as such temporary
Securities. Until so exchanged, the temporary Securities
shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities.
SECTION 3.06 Registration,
Registration of Transfer and Exchange .
(a) The Company shall
cause to be kept at an office or agency to be maintained by the
Company in accordance with Section 10.02 a register (being the
combined register of the Security Registrar and all additional
transfer agents designated pursuant to Section 10.02 for the
purpose of registration of transfer of Securities and sometimes
collectively 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 Securities and
the registration of transfers of Securities. ___________________ is
hereby appointed the initial Security Registrar, with the Security
Register initially to be kept at ____________________. At all
reasonable times each register maintained by the Security Registrar
and any additional transfer agents shall be open for inspection by
the Trustee.
(b) Upon surrender for
registration of transfer of any Security of any series at the
office or agency of the Company maintained pursuant to Section
10.02 for such purpose in a Place of Payment for such series, 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 and of a like aggregate principal amount and tenor,
of the same Original Issue Date and Stated Maturity and having the
same terms.
(c) At the option of
the Holder, Securities of any series may be exchanged for other
Securities of the same series of any authorized denominations and
of a like aggregate principal amount and tenor, of the same
Original Issue Date and Stated Maturity and having the same terms,
upon surrender of the Securities to be exchanged at any 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.
(d) 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.
(e) All Securities
issued upon any registration of 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 registration of transfer or
exchange.
(f) Every Security
presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee or any
transfer agent) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the
Security Registrar or any transfer agent duly executed, by the
Holder thereof or his attorney duly authorized in
writing.
(g) No service charge
shall be made for any registration of 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 registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.05, 9.06 or
11.07 not involving any transfer.
(h) The Company shall
not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening
of business 15 Business Days before the day of the mailing of a
notice of redemption of any such Securities selected for redemption
under Section 11.03 and ending at the close of business on the day
of the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Security so selected for
redemption, in whole or in part, except the unredeemed portion of
any Security being redeemed in part.
(i) 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 Depository designated for such Global
Security or a nominee thereof and delivered to such Depository 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 Depository for
such Global Security or a nominee thereof unless (A) such
Depository (i) has notified the Company that it is unwilling or
unable to continue as Depository for such Global Security or (ii)
has ceased to be a clearing agency registered under the Exchange
Act, (B) there shall have occurred and be continuing an Event of
Default with respect to such Global Security or (C) 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 3.02.
(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 Depository 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 3.05,
3.07, 9.06 or 11.07 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
Depository for such Global Security or a nominee
thereof.
SECTION 3.07 Mutilated,
Destroyed, Lost and Stolen Securities .
(a) 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 series and of like tenor and principal amount,
having the same Original Issue Date and Stated Maturity and bearing
the same Interest Rate as such mutilated Security, and bearing a
number not contemporaneously outstanding.
(b) If there shall be
delivered to the Company and 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 and any agent of either of them
harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security, a new Security of the same series and of like
tenor and principal amount, having the same Original Issue Date and
Stated Maturity and bearing the same Interest Rate as such
destroyed, lost or stolen Security, and bearing a number not
contemporaneously outstanding.
(c) 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.
(d) 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.
(e) Every new Security
of any series issued pursuant to this Section in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether
or not the mutilated, destroyed, lost or stolen Security shall be
at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and
all other Securities of that series duly issued
hereunder.
(f) The provisions of
this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen
Securities.
SECTION 3.08 Payment of
Interest; Interest Rights Preserved .
(a) Unless otherwise
provided as contemplated by Section 3.02, with respect to any
series of Securities, interest on any 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 at
the close of business on the Regular Record Date for such
interest. 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 3.02 with respect to the related series of
Securities.
(b) Any interest on
any Security of any series which is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date
(“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
(i) or (ii) below:
(i) The Company may
elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on
a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall
notify the
Trustee in
writing of the amount of Defaulted Interest proposed to be paid on
each Security of such series and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an
amount of money 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 shall 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 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
so mailed, such Defaulted Interest shall be paid to the Persons in
whose names the Securities of such series (or the 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 (ii).
(ii) The Company may
make payment of any Defaulted Interest on the Securities of any
series 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 manner of
payment shall be deemed practicable by the Trustee.
Subject to the foregoing provisions of this
Section and Section 3.06, 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 3.09 Persons Deemed
Owners .
(a) Prior to due
presentment of a 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 Security is registered as
the owner of such Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Sections 3.06
and 3.08 and unless otherwise specified as contemplated by Section
3.02) interest on such Security and for all other purposes
whatsoever, whether or not such Security is overdue, and neither
the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary.
(b) None of the
Company, the Trustee nor any agent of the Company or the Trustee
will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial
ownership interests of a Global Security or maintaining,
supervising or reviewing any records relating to such beneficial
ownership interests.
SECTION 3.10
Cancellation .
All Securities 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, be delivered to the Trustee. All
Securities so delivered shall be promptly cancelled by the Trustee.
The Company may at any time deliver to the Trustee for cancellation
any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and
may deliver to the Trustee (or to any other Person for delivery to
the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered to the Trustee shall be promptly
cancelled by the Trustee. 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. All
cancelled Securities held by the Trustee shall be disposed of in
accordance with the Trustee’s customary procedure unless
otherwise directed by a Company Order; provided ,
however , that the Trustee may, but shall not be required
to, destroy such cancelled Securities.
SECTION 3.11 Computation of
Interest .
Except as otherwise specified as contemplated by
Section 3.02, for Securities of any series, interest on the
Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months.
SECTION 3.12 Depository
.
(a) If at any time the
Depository notifies the Company that it is unwilling or unable to
continue as Depository or if at any time the Depository shall cease
to be a clearing agency registered under the Exchange Act, the
Company shall appoint a successor Depository. If a successor
Depository is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such
ineligibility, the Company will execute, and the Trustee, upon
receipt of a Company Order for the authentication and delivery of
individual Securities, will authenticate and make available for
delivery, individual Securities in an aggregate principal amount
equal to the principal amount of the Global Security or Securities
representing the Outstanding Securities in exchange for such Global
Security or Securities.
(b) The Company may at
any time and in its sole discretion (subject to the procedures of
the Depository) determine that Securities issued in the form of one
or more Global Securities shall no longer be represented by such
Global Security or Securities. In such event the Company will
execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Securities, will
authenticate and make available for delivery, individual Securities
in an aggregate principal amount equal to the principal amount of
the Global Security or Securities representing the Outstanding
Securities in exchange for such Global Security or
Securities.
(c) The Depository may
surrender a Global Security in exchange in whole or in part for
individual Securities on such terms as are acceptable to the
Company, the Trustee and such Depository. Thereupon, the Company
shall execute, and the Trustee shall authenticate and make
available for delivery, without service charge:
(1) to
each Person specified by such Depository a new individual Security
or Securities of any authorized denomination as requested by such
Person in aggregate principal amount equal to and in exchange for
such Person’s beneficial interest in the Global Security;
and
(2) to
such Depository a new Global Security in a denomination equal to
the difference, if any, between the principal amount of the
surrendered Global Security and the aggregate principal amount of
individual Securities delivered to Holders thereof.
(d) Upon the exchange
of a Global Security for indivi