Common use of SUBORDINATION OF SECURITIES Clause in Contracts

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Securities Subordinated to Senior Debt................................................47 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations of the Company Unconditional..............................................50 SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52

SUBORDINATION OF SECURITIES. 47 75 SECTION 10.01 13.1. Securities Subordinated Subordinate to Senior and Subordinated Debt................................................47 ........ 75 SECTION 10.02 13.2. Payment Over of Proceeds Upon Dissolution, Etc................ 75 SECTION 13.3. Prior Payment to Senior and Subordinated Debt Upon Acceleration of Securities.......................... 76 SECTION 13.4. No Payment on Securities When Senior and Subordinated Debt in Certain Circumstances.....................................47 Default.................................. 77 SECTION 10.03 Securities Subordinated to Prior 13.5. Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 Permitted If No Default............................... 78 SECTION 10.04 13.6. Subrogation to Rights of Holders of Senior and Subordinated Debt.......................................49 ............................................. 78 SECTION 10.05 Obligations 13.7. Provisions Solely to Define Relative Rights................... 79 SECTION 13.8. Trustee to Effectuate Subordination........................... 79 SECTION 13.9. No Waiver of the Company Unconditional..............................................50 Subordination Provisions......................... 80 SECTION 10.06 13.10. Notice to Trustee............................................. 80 SECTION 13.11. Reliance on Judicial Order or Certificate of Liquidating Agent............................................. 81 SECTION 13.12. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior and Subordinated Debt...........................................................................51 .................................. 81 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right 13.13. Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 ; Preservation of Trustee's Rights.............................. 82 SECTION 10.13 13.14. Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents........................... 82 SECTION 13.15. Certain Conversions or Exchanges Seemed Payment............... 82 JUNIOR SUBORDINATED INDENTURE, dated as of November 15, 1996, between FIRST BANK SYSTEM, INC., a Delaware corporation (hereinafter called the "Company") having its principal office at 000 Xxxxxx Xxxxxx Xxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Trustee (hereinafter called the "Trustee").

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 13.1. Securities Subordinated Subordinate to Senior Debt................................................47 . .......................66 SECTION 10.02 13.2. Payment Over of Proceeds Upon Dissolution, Etc. ..............66 SECTION 13.3. No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All When Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 in Default. ......................67 SECTION 10.04 13.4. Payment Permitted If No Default. .............................68 SECTION 13.5. Subrogation to Rights of Holders of Senior Debt.......................................49 . .............68 SECTION 10.05 Obligations 13.6. Provisions Solely to Define Relative Rights. .................69 SECTION 13.7. Holders of the Company Unconditional..............................................50 Senior Debt and Trustee to Effectuate Subordination. ...............................................69 SECTION 10.06 13.8. No Waiver of Subordination Provisions. .......................70 SECTION 13.9. Notice to Trustee, Notice to Company. ........................70 SECTION 13.10. Reliance on Judicial Order or Certificate of Liquidating Agent. ...........................................71 SECTION 13.11. Trustee Entitled and Holders Not Fiduciaries for Holders of Senior Debt. .................................................72 SECTION 13.12. Rights of Trustee as Holder of Senior Debt; Preservation of Trustee's Rights. ............................................72 SECTION 13.13. Article Applicable to Assume Payments Not Prohibited Paying Agents. .........................72 SECTION 13.14. Payee to Presume Outstanding Credit Agreement Indebtedness in Absence of Notice...............50 SECTION 10.07 Application by Trustee . ........................................72 JUNIOR SUBORDINATED INDENTURE, dated as of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions _______ __, 1997, between OWENX XXXNING, a Delaware corporation (hereinafter called the "Company") having its principal office at Owenx Xxxning World Headquarters, Tolexx, Xxxx 00000, xxd WILMINGTON TRUST COMPANY, a banking corporation duly organized and existing under the laws of the Company or Holders State of Senior Debt...........................................................................51 SECTION 10.09 Delaware, as Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52(hereinafter called the "Trustee").

SUBORDINATION OF SECURITIES. 47 93 SECTION 10.01 13.1. Securities Subordinated to Senior Debt................................................47 ............................................93 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 13.2. Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Liquidation, Reorganization.........................................................48 , etc. of the Company.....................94 SECTION 10.04 Subrogation 13.3. Holders of Securities to Rights be Subrogated to Right of Holders of Senior Debt.......................................49 .......................................................................95 SECTION 10.05 13.4. Obligations of the Company Unconditional..............................................50 ..........................................95 SECTION 10.06 13.5. Company Not to Make Payments With Respect to Securities in Certain Circumstances.............................................................96 SECTION 13.6. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 ............................................................................97 SECTION 10.07 13.7. Application by Trustee of Amounts Monies Deposited with With It...................................50 ................................98 SECTION 10.08 13.8. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 .................................................98 SECTION 10.09 13.9. Holders of Securities Authorize Trustee to Effectuate Subordination of Securities.....................................51 .......................................................99 SECTION 10.10 13.10. Right of Trustee to Hold Senior Debt..................................................52 ; Preservation of Trustee's Rights...........................................................................100 SECTION 10.11 13.11. Article X XIII Not to Prevent Events of Default............................................52 ....................................100 SECTION 10.12 No 13.12. Trustee Not Fiduciary Duty of Trustee to for Holders of Senior Debt................................52 .................................100 SECTION 10.13 Article Applicable to Paying Agent13.13. Trust Monies Not Subordinated....................................................52 100 ARTICLE XI MISCELLANEOUS..............................................................................52XIV.

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 14.1. Securities Subordinated Subordinate to Senior Debt................................................47 SECTION 10.02 ............................................. 86 Section 14.2. No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All When Senior Debt on in Default; Payment Over of Proceeds Upon Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Etc........................................................... 86 Section 14.3. Payment Permitted If No Default................................................... 88 Section 14.4. Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations ................................... 88 Section 14.5. Provisions Solely to Define Relative Rights....................................... 88 Section 14.6. Trustee to Effectuate Subordination............................................... 89 Section 14.7. No Waiver of the Company Unconditional..............................................50 SECTION 10.06 Subordination Provisions............................................. 89 Section 14.8. Notice to Trustee................................................................. 90 Section 14.9. Reliance on Judicial Order or Certificate of Liquidating Agent.................... 90 Section 14.10. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right .................................. 91 Section 14.11. Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 SECTION 10.13 ; Preservation of Trustee's Rights.......................................................................... 91 Section 14.12. Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents.............................................. 91 -vi- .............................................................. Certain Sections of this Indenture relating to Sections 310 through 318, inclusive, of the Trust Indenture Act of 1939:

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Securities Subordinated 14.1. Debentures Subordinate to Senior Debt................................................47 Indebtedness...................80 SECTION 10.02 14.2. Payment Over of Proceeds Upon Dissolution, etc..................80 SECTION 14.3. Prior Payment to Senior Indebtedness Upon Acceleration of Debentures.................................................81 SECTION 14.4. No Payment on Securities when Senior Indebtedness in Certain Circumstances.....................................47 Default..................82 SECTION 10.03 Securities Subordinated to Prior 14.5. Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 Permitted if No Default.................................82 SECTION 10.04 14.6. Subrogation to Rights of Holders of Senior Debt.......................................49 Indebtedness.........83 SECTION 10.05 Obligations 14.7. Provisions Solely to Define Relative Rights.....................83 SECTION 14.8. Trustee to Effectuate Subordination.............................84 SECTION 14.9. No Waiver of the Company Unconditional..............................................50 Subordination Provisions...........................84 SECTION 10.06 Trustee Entitled 14.10.Notice to Assume Payments Trustee...............................................84 SECTION 00.00.Xxxxxxxx on Judicial Order or Certificate of Liquidating Agent.............................................85 SECTION 14.12.Trustee Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 Indebtedness........85 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right 14.13.Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 Indebtedness..............86 SECTION 10.13 Article 14.14.Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents.............................86 SECTION 14.15.Certain Conversions or Exchanges Deemed Payment.................86 SECTION 00.00.Xxxxx Funds Not Subordinated....................................86 Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to provisions of Sections 310 to and including 317 which, pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended by the Trust Reform Act of 1990, are a part of and govern the Indenture whether or not physically contained therein) and the Indenture, dated as of March 15, 2000.

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 13.1. Securities Subordinated Subordinate to Senior Debt................................................47 Indebtedness................ 54 SECTION 10.02 13.2. No Payment on Securities When Senior Indebtedness in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Default; Payment Over of All Senior Debt on Proceeds Upon Dissolution, Liquidation or Reorganization.........................................................48 Etc............................ 55 SECTION 10.04 13.3. Payment Permitted If No Default.............................. 56 SECTION 13.4. Subrogation to Rights of Holders of Senior Debt.......................................49 Indebtedness...... 56 SECTION 10.05 Obligations 13.5. Provisions Solely to Define Relative Rights.................. 56 SECTION 13.6. Trustee to Effectuate Subordination.......................... 57 SECTION 13.7. No Waiver of the Company Unconditional..............................................50 Subordination Provisions........................ 57 SECTION 10.06 Trustee Entitled 13.8. Notice to Assume Payments Trustee............................................ 57 SECTION 13.9. Reliance on Judicial Order or Certificate of Liquidating Agent........................................................ 58 SECTION 13.10.Trustee Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 Indebtedness..... 58 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right 13.11.Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 Indebtedness; Preservation of Trustee's Rights............................. 58 SECTION 10.13 Article 13.12.Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents.......................... 58 Certain Sections of this Junior Subordinated Indenture relating to Sections 310 through 318 of the Trust Indenture Act of 1939: Trust Indenture Junior Subordinated Act Section Indenture Section _______________ _____________ _

SUBORDINATION OF SECURITIES. 47 114 SECTION 10.01 1301. Securities Subordinated Subordinate to Senior Debt................................................47 Indebtedness..............................................114 SECTION 10.02 No 1302. Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment over of All Senior Debt on Proceeds upon Dissolution, Liquidation or Reorganization.........................................................48 Etc.............................................115 SECTION 10.04 1303. Suspension of Payment When Senior Indebtedness in Default..................................115 SECTION 1304. Acceleration of Securities.................................................................116 SECTION 1305. When Distribution Must Be Paid Over........................................................116 SECTION 1306. Notice by Company..........................................................................117 SECTION 1307. Payment Permitted if No Default............................................................117 SECTION 1308. Subrogation to Rights of Holders of Senior Debt.......................................49 Indebtedness....................................117 SECTION 10.05 Obligations of the Company Unconditional..............................................50 1309. Provisions Solely to Define Relative Rights................................................117 SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 1310. Trustee to Effectuate Subordination........................................................118 SECTION 1311. Subordination May Not Be Impaired by Company...............................................118 SECTION 1312. Distribution or Notice to Representative...................................................118 SECTION 1313. Notice to Trustee..........................................................................118 SECTION 1314. Reliance on Judicial Order or Certificate of Securities.....................................51 Liquidating Agent.............................119 SECTION 10.10 Right 1315. Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as a Holder of Senior Debt................................52 Indebtedness; Preservation of Trustee's Rights.....119 SECTION 10.13 1316. Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents........................................................120 SECTION 1317. No Suspension of Remedies..............................................................120 SECTION 1318. Modification of Terms of Senior Indebtedness...........................................120 SECTION 1319. Trust Moneys Not Subordinated..........................................................120 SECTION 1320. Trustee Not Fiduciary for Holders of Senior Indebtedness...............................121

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 8.01. Securities Subordinated to Senior Debt................................................47 Indebtedness..............................72 SECTION 10.02 8.02. No Payment on Securities in Certain Circumstances.....................................47 ...........................72 SECTION 10.03 Securities Subordinated to Prior 8.03. Payment Over of All Senior Debt on Proceeds upon Dissolution, Liquidation or Reorganization.........................................................48 etc..............................73 SECTION 10.04 Subrogation to Rights of Holders of Senior Debt.......................................49 8.04. Subrogation.................................................................74 SECTION 10.05 8.05. Obligations of the Company Unconditional..............................................50 ........................................74 SECTION 10.06 Trustee Entitled 8.06. Notice to Assume Payments Not Prohibited in Absence Trustee...........................................................75 SECTION 8.07. Reliance on Judicial Order or Certificate of Notice...............50 Liquidating Agent..............76 SECTION 10.07 Application by Trustee of Amounts Deposited with It8.08. Trustee's Relation to Senior Indebtedness...................................50 76 SECTION 10.08 8.09. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 Indebtedness.....................................76 SECTION 10.09 8.10. Securityholders Authorize Trustee to To Effectuate Subordination of Securities.....................................51 ............................................................76 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 8.11. This Article X Not to To Prevent Events of Default............................................52 ...............................77 SECTION 10.12 8.12. Trustee's Compensation Not Prejudiced.......................................77 SECTION 8.13. No Fiduciary Duty Waiver of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 Subordination Provisions.......................................77 ARTICLE XI MISCELLANEOUS..............................................................................52NINE DISCHARGE OF INDENTURE

SUBORDINATION OF SECURITIES. 47 98 SECTION 10.01 13.1. Securities Subordinated to Senior Debt................................................47 ....................................................98 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 13.2. Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Liquidation, Reorganization.........................................................48 , etc. of the Company...........................98 SECTION 10.04 Subrogation 13.3. Holders of Securities to Rights be Subrogated to Right of Holders of Senior Debt.......................................49 ................100 SECTION 10.05 13.4. Obligations of the Company Unconditional..............................................50 .................................................100 SECTION 10.06 13.5. Company Not to Make Payments With Respect to Securities in Certain Circumstances..........................................................................101 SECTION 13.6. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 ..................102 SECTION 10.07 13.7. Application by Trustee of Amounts Monies Deposited with With It...................................50 .......................................103 SECTION 10.08 13.8. Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 .................................................................103 SECTION 10.09 13.9. Holders of Securities Authorize Trustee to Effectuate Subordination of Securities.....................................51 .............................................................................104 SECTION 10.10 13.10. Right of Trustee to Hold Senior Debt..................................................52 ; Preservation of Trustee's Rights.................105 SECTION 10.11 13.11. Article X XIII Not to Prevent Events of Default............................................52 ..........................................105 SECTION 10.12 No 13.12. Trustee Not Fiduciary Duty of Trustee to for Holders of Senior Debt................................52 .......................................105 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................5213.13. Trust Monies Not Subordinated..........................................................105

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 14.01. Securities Subordinated Subordinate to Senior Debt................................................47 .................. 99 SECTION 10.02 14.02. Payment Over of Proceeds Upon Dissolution, Etc......... 99 SECTION 14.03. Prior Payment to Senior Debt Upon Acceleration of Securities........................................... 101 SECTION 14.04. No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All When Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 in Default................. 101 SECTION 10.04 14.05. Payment Permitted If No Default........................ 102 SECTION 14.06. Subrogation to Rights of Holders of Senior Debt.......................................49 ........ 103 SECTION 10.05 Obligations 14.07. Provisions Solely to Define Relative Rights............ 103 SECTION 14.08. Trustee to Effectuate Subordination.................... 104 SECTION 14.09. No Waiver of the Company Unconditional..............................................50 Subordination Provisions.................. 104 SECTION 10.06 14.10. Notice to Trustee...................................... 104 SECTION 14.11. Reliance on Judicial Order or Certificate of Liquidating Agent.................................... 105 SECTION 14.12. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 ....... 105 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right 14.13. Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 ; Preservation of Trustee's Rights..................... 105 SECTION 10.13 14.14. Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents.................... 105 SECTION 14.15. Certain Conversions or Exchanges Deemed Payments....... 105 Exhibit A - Form of Restricted Securities Certificate CENTRAL FIDELITY BANKS, INC. Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to provisions of Sections 310 to and including 317 which, pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended by the Trust Reform Act of 1990, are a part of and govern the Indenture whether or not physically contained therein) and the Junior Subordinated Indenture, dated as of April 23, 1997. Indenture Trust Indenture Act Section Section --------------------------- ---------

SUBORDINATION OF SECURITIES. 47 49 SECTION 10.01 Securities Subordinated to Senior Debt................................................47 ................................................ 49 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 ..................................... 50 SECTION 10.03 Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 ......................................................... 51 SECTION 10.04 Subrogation to Rights of Holders of Senior Debt.......................................49 ....................................... 52 SECTION 10.05 Obligations of the Company Unconditional..............................................50 .............................................. 52 SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 ............... 53 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 ................................... 53 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 ........................................................................... 54 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 ..................................... 54 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 .................................................. 54 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 ............................................ 54 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 ................................ 55 SECTION 10.13 Article Applicable to Paying Agent....................................................52 .................................................... 55 ARTICLE XI MISCELLANEOUS..............................................................................52......................................................................................... 55

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 14.01. Securities Subordinated Subordinate to Senior Debt................................................47 .............. 90 SECTION 10.02 14.02. Payment Over of Proceeds Upon Dissolution, Etc................................. 90 SECTION 14.03. Prior Payment to Senior Debt Upon Acceleration of Securities....................... 92 SECTION 14.04. No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All When Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 in Default............. 93 SECTION 10.04 14.05. Payment Permitted If No Default.................... 94 SECTION 14.06. Subrogation to Rights of Holders of Senior Debt.......................................49 ...................................... 94 SECTION 10.05 Obligations 14.07. Provisions Solely to Define Relative Rights........................................... 95 SECTION 14.08. Trustee to Effectuate Subordination................ 95 SECTION 14.09. No Waiver of the Company Unconditional..............................................50 Subordination Provisions.............. 95 SECTION 10.06 14.10. Notice to Trustee.................................. 96 SECTION 14.11. Reliance on Judicial Order or Certificate of Liquidating Agent................. 96 SECTION 14.12. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52...................................... 96

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Securities Subordinated 94 Section 12.01. Agreement to Subordinate..........................94 Section 12.02. Distribution on Dissolution, Liquidation and Reorganization....................................94 Section 12.03. Prior Payment to Senior Debt................................................47 SECTION 10.02 Indebtedness Upon Acceleration of Securities........................97 Section 12.04. No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Event of Default on Senior Indebtedness............................97 Section 12.05. Payments on Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Permitted..................99 Section 12.06. Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness......................................99 Section 12.07. Provisions Solely to Define Relative Rights...........................................100 Section 12.08. Authorization of the Company Unconditional..............................................50 SECTION 10.06 Holders of Securities to Trustee Entitled to Assume Payments Effect Subordination..................100 Section 12.09. Notices to Trustee...............................100 Section 12.10. Trustee as Holder of Senior Indebtedness.........101 Section 12.11. No Waiver of Subordination Provisions............102 Section 12.12. Reliance on Judicial Order or Certificate of Liquidating Agent................................102 Section 12.13. Trustee Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of SecuritiesIndebtedness.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 102 Section 12.14. Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents..............103 Section 12.15. Certain Conversions or Exchanges Deemed Payment..........................................103 INDENTURE, dated as of __________, 199__ from OCWEN FINANCIAL CORPORATION, a Florida corporation (the "Company"), to NORWEST BANK MINNESOTA, N.A., a national banking association (the "Trustee").

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 14.01. Securities Subordinated Subordinate to Senior and Senior Subordinated Debt................................................47 ..........................................98 SECTION 10.02 14.02. Payment Over of Proceeds upon Dissolution, Etc..............99 SECTION 14.03. No Payment on Securities When Senior and Senior Subordinated Debt in Certain Circumstances.....................................47 Default...........................................100 SECTION 10.03 Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 14.04. Subrogation to Rights of Holders of Senior and Senior Subordinated Debt.......................................49 .........................................102 SECTION 10.05 Obligations 14.05. Provisions Solely to Define Relative Rights................102 SECTION 14.06. No Waiver of the Company Unconditional..............................................50 Subordination Provisions......................103 SECTION 10.06 14.07. Notice to Trustee..........................................103 SECTION 14.08. Reliance on Judicial Order or Certificate of Liquidating Agent.....................................................104 SECTION 14.09. Rights of Trustee Entitled as a Holder of Senior and Senior Subordinated Debt; Preservation of Trustee's Rights.......105 SECTION 14.10. Article Applicable to Assume Payments Paying Agents........................105 SECTION 14.11. Trustee Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior and Senior Subordinated Debt...........................................................................51 .........................................105 SECTION 10.09 Trustee to Effectuate Subordination 14.12. No Suspension of Securities.....................................51 Remedies..................................106 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 14.13. Article X Fourteen Not to Prevent Events of Default............................................52 ..........106 SECTION 10.12 No Fiduciary Duty 14.14. Notices to Agent Bank......................................106 SECTION 14.15. Inapplicability of Trustee Article Fourteen to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Certain Trustees Monies and Certain Payments...............................107

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 66 Section 13.1. Securities Subordinated Subordinate to Senior Debt................................................47 SECTION 10.02 Indebtedness.................. 66 Section 13.2. No Payment on Securities When Senior Indebtedness in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Default; Payment Over of All Senior Debt on Proceeds Upon Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Etc................. 67 Section 13.3. Payment Permitted if No Default................................ 68 Section 13.4. Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness................................................... 68 Section 13.5. Provisions Solely to Define Relative Rights.................... 69 Section 13.6. Trustee to Effectuate Subordination............................ 69 Section 13.7 No Waiver of the Company Unconditional..............................................50 SECTION 10.06 Subordination Provisions.......................... 69 Section 13.8. Notice to Trustee.............................................. 70 Section 13.9. Reliance on Judicial Order or Certificate of Liquidating Agent.............................................. 71 Section 13.10. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right Indebtedness................................................... 71 Section 13.11. Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 SECTION 10.13 Indebtedness; Preservation of Trustee's Rights.............................. 71 Section 13.12. Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents............................ 71 Section 13.13. Certain Conversions or Exchanges Deemed Payment................ 71 ANNEX A FORM OF RESTRICTED SECURITIES CERTIFICATE............................ A-1 JUNIOR SUBORDINATED INDENTURE ----------------------------- THIS JUNIOR SUBORDINATED INDENTURE, dated as of __________, 2000 between PROVIDENT BANKSHARES CORPORATION, a Maryland corporation (the "Company"), having its principal office at 000 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxx 00000 and BANKERS TRUST COMPANY, as Trustee, having its principal office at Four Albany Street, 4th Floor, New York, New York 10006 (the "Trustee").

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Securities Subordinated 61 14.1 Agreement to Senior Debt................................................47 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Subordinate......................................................................... 61 14.2 Obligation of the Company Unconditional..............................................50 SECTION 10.06 .......................................................... 63 14.3 Limitations on Duties to Holders of Senior Indebtedness of the Company........................... 63 14.4 Notice to Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Facts Prohibiting Payment................................................... 63 14.5 Application by Trustee of Amounts Moneys Deposited with It...................................50 SECTION 10.08 ............................................... 64 14.6 Subrogation...................................................................................... 64 14.7 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Indebtedness of the Company...................................................................... 64 14.8 Authorization of Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 ............................... 65 14.9 No Payment when Senior Indebtedness in Default................................................... 65 14.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Indebtedness of the Company...................................... 65 14.11 Article X Fourteen Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Defaults......................................................... 66

SUBORDINATION OF SECURITIES. 47 100 SECTION 10.01 Securities Subordinated 13.1. Agreement of Subordination...........................................................100 SECTION 13.2. Payments to Noteholders..............................................................101 SECTION 13.3. Subrogation of Securities............................................................104 SECTION 13.4. Authorization to Effect Subordination................................................105 SECTION 13.5. Notice to Trustee....................................................................105 SECTION 13.6. Trustee's Relation to Senior Debt................................................47 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness of the Company Unconditional..............................................50 Issuer..............................106 SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence 13.7. No Impairment of Notice...............50 Subordination.......................................................106 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 13.8. Article Applicable to Paying Agent....................................................52 Agents..................................................107 ARTICLE XI MISCELLANEOUS..............................................................................52FOURTEEN - SUBORDINATION OF GUARANTEE...................................................................107 SECTION 14.1. Agreement of Subordination...........................................................107 SECTION 14.2. Payments to Noteholders..............................................................108 SECTION 14.3. Subrogation of Securities............................................................111 SECTION 14.4. Authorization to Effect Subordination................................................112 SECTION 14.5. Notice to Trustee....................................................................112 SECTION 14.6. Trustee's Relation to Senior Indebtedness of the Guarantor...........................113 SECTION 14.7. No Impairment of Subordination.......................................................113 SECTION 14.8. Certain Conversions Deemed Payment...................................................114 SECTION 14.9. Article Applicable to Paying Agents..................................................114

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 13.1 Securities Subordinated Subordinate to Senior Debt................................................47 SECTION 10.02 Indebtedness......................................... 69 Section 13.2 No Payment on Securities When Senior Indebtedness in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Default; Payment Over of All Senior Debt on Proceeds Upon Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Etc...................................................................... 69 Section 13.3 Payment Permitted If No Default....................................................... 71 Section 13.4 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness............................... 71 Section 13.5 Provisions Solely to Define Relative Rights........................................... 72 Section 13.6 Trustee to Effectuate Subordination................................................... 72 Section 13.7 No Waiver of the Company Unconditional..............................................50 SECTION 10.06 Subordination Provisions................................................. 72 Section 13.8 Notice to Trustee..................................................................... 73 Section 13.9 Reliance on Judicial Order or Certificate of Liquidating Agent........................ 73 Section 13.10 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right Indebtedness.............................. 74 Section 13.11 Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 SECTION 10.13 Indebtedness; Preservation of Trustee's Rights................................................................................ 74 Section 13.12 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents................................................... 74 ANNEX A - Form of Trust Agreement ANNEX B - Form of Amended and Restated Trust Agreement ANNEX C - Form of Guarantee Agreement ANNEX D - Form of Certificate INDENTURE, dated as of October 3, 2006, between CITIZENS BANKING CORPORATION, a Michigan corporation (hereinafter called the "Company") having its principal office at 000 Xxxxx Xxxxxxx Xxxxxx, Xxxxx, Xxxxxxxx 00000, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, duly organized and existing under the laws of the United States of America, having its designated corporate trust office at 000 Xxxx Xx., Xxxxx 0000, Xxx Xxxx, XX 00000, as Trustee (hereinafter called the "Trustee").

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 15.01. Agreement that Securities Subordinated be Subordinate...................................................70 SECTION 15.02. Subordination to Senior Debt................................................47 Indebtedness.......................................................70 SECTION 10.02 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior 15.03. Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 Indebtedness of Certain Amounts Received by Securityholders..............71 SECTION 10.04 Subrogation 15.04. Notice to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations of the Company Unconditional..............................................50 SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 Specified Events; Reliance on Certificate of Liquidating Agent........72 SECTION 10.08 15.05. Subrogation................................................................................72 SECTION 15.06. Obligation to Pay Not Impaired.............................................................73 SECTION 15.07. Reliance by Senior Indebtedness on Subordination Rights Provisions................................73 SECTION 15.08. Certain Payments and Credits Permitted.....................................................73 SECTION 15.09. Subordination Not Impaired to be Prejudiced by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 Certain Acts.........................................74 SECTION 10.09 15.10. Trustee Authorized to Effectuate Subordination Subordination.............................................74 SECTION 15.11. Trustee's Rights Regarding Senior Indebtedness Held by It..................................74 SECTION 15.12. Trustee and Paying Agents Not Chargeable with Knowledge Until Notice.......................75 SECTION 15.13. Limitation on Securing Securities..........................................................75 SECTION 15.14. Limitation on Premature Deposit of Securities.....................................51 SECTION 10.10 Right Funds...................................................75 INDENTURE, dated as of [_______________], between Bowater Incorporated, a Delaware corporation (the "Company"), and The Bank of New York, a New York banking corporation, as Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52(herein called the "Trustee").

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 13.1. Securities Subordinated to Senior Debt................................................47 SECTION 10.02 Indebtedness..............102 Section 13.2. No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior ...........102 Section 13.3. Payment of All Senior Debt on over Proceeds upon Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Etc.................103 Section 13.4. Subrogation.................................................105 Section 13.5. Obligations of the Company Unconditional..............................................50 SECTION 10.06 Trustee Entitled ........................106 Section 13.6. Notice to Assume Payments Not Prohibited in Absence Trustee...........................................106 Section 13.7. Reliance on Judicial Order or Certificate of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Liquidating Agent .........................................107 Section 13.8. Trustee's Relation to Senior Indebtedness...................108 Section 13.9. Subordination Rights Not Impaired by Acts or Omissions of the Trustee, the Holders, the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Indebtedness.................................108 Section 13.10. Holders Authorize Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X .............................................109 Section 13.11. Not to Prevent Events of Default............................................52 SECTION 10.12 ...........................109 Section 13.12. Trustee's Compensation Not Prejudiced......................109 Section 13.13. No Fiduciary Duty Waiver of Trustee Subordination Provisions......................109 Section 13.14. Payments May Be Paid Prior to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Dissolution..................110

SUBORDINATION OF SECURITIES. 47 101 SECTION 10.01 12.1. Securities Subordinated Subordinate to Senior Debt................................................47 Indebtedness. .......101 SECTION 10.02 12.2. Payment Over of Proceeds Upon Dissolution, etc. ......101 SECTION 12.3. Prior Payment to Senior Indebtedness Upon Acceleration of Securities. ........................102 SECTION 12.4. No Payment on Securities When Senior Indebtedness in Certain Circumstances.....................................47 Default. ......103 SECTION 10.03 Securities Subordinated to Prior 12.5. Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 Permitted If No Default. .....................104 SECTION 10.04 12.6. Subrogation to Rights of Holders of Senior Debt.......................................49 Indebtedness. ......................................104 SECTION 10.05 Obligations 12.7. Provisions Solely to Define Relative Rights. .........105 SECTION 12.8. Trustee to Effectuate Subordination. .................105 SECTION 12.9. No Waiver of the Company Unconditional..............................................50 Subordination Provisions. ...............105 SECTION 10.06 12.10. Notice to Trustee. ...................................106 SECTION 12.11. Reliance on Judicial Order or Certificate of Liquidating Agent. .................................106 SECTION 12.12. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 Indebtedness. ......................................106 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right 12.13. Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 Indebtedness; Preservation of Trustee's Rights. ....107 SECTION 10.13 12.14. Article Applicable to Paying Agent....................................................52 Agents. .................107 SECTION 12.15. Certain Conversions or Exchanges Deemed Payment. .....107 ARTICLE XI MISCELLANEOUS..............................................................................52XIII. GUARANTY................................107 SECTION 13.1. Guaranty. ............................................107 SECTION 13.2. Execution and Delivery of Guaranties. ................111 SECTION 13.3. Guarantors May Consolidate, etc., on Certain Terms. .............................................112 SECTION 13.4. Release of Guarantors. ...............................112 SECTION 13.5. Additional Guarantors. ...............................113 ARTICLE XIV.

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 13.1 Securities Subordinated Subordinate to Senior Debt................................................47 SECTION 10.02 Indebtedness......................................... 69 Section 13.2 No Payment on Securities When Senior Indebtedness in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Default; Payment Over of All Senior Debt on Proceeds Upon Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Etc...................................................................... 69 Section 13.3 Payment Permitted If No Default....................................................... 71 Section 13.4 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness............................... 71 Section 13.5 Provisions Solely to Define Relative Rights........................................... 72 Section 13.6 Trustee to Effectuate Subordination................................................... 72 Section 13.7 No Waiver of the Company Unconditional..............................................50 SECTION 10.06 Subordination Provisions................................................. 72 Section 13.8 Notice to Trustee..................................................................... 73 Section 13.9 Reliance on Judicial Order or Certificate of Liquidating Agent........................ 73 Section 13.10 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right Indebtedness.............................. 74 Section 13.11 Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 SECTION 10.13 Indebtedness; Preservation of Trustee's Rights................................................................................ 74 Section 13.12 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents................................................... 74 ANNEX A - Form of Trust Agreement ANNEX B - Form of Amended and Restated Trust Agreement ANNEX C - Form of Guarantee Agreement ANNEX D - Form of Certificate INDENTURE, dated as of September [__], 2006, between CITIZENS BANKING CORPORATION, a Michigan corporation (hereinafter called the "Company") having its principal office at 328 South Saginaw Street, Flint, Michigan 48502, and U.S. BANK NATIONXX XXXXXXXXXXX, x xxxxxxxx xxxxxxx xxxxxxxxxxx, duly organized and existing under the laws of the United States of America, having its designated corporate trust office at 100 Wall St., Suite 1600, New York, NY 10005, as Trustee (hereinafter xxxxxx xxx "Xxxxxxx").

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 15.01 Agreement to Subordinate .....................................................................................64 Section 15.02 Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities Subordinated to Senior Debt................................................47 SECTION 10.02 ...........................................................................................................64 Section 15.03 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Event of Default on Senior Indebtedness ................66 Section 15.04 Payments on Securities Subordinated Permitted ..........................................................................66 Section 15.05 Authorization of Securityholders to Prior Payment Trustee to Effect Subordination ...................67 Section 15.06 Notices to Trustee ..................................................................................................67 Section 15.07 Trustee as Holder of All Senior Debt Indebtedness .............................................................67 Section 15.08 Modifications of Terms of Senior Indebtedness ....................................................68 Section 15.09 Reliance on Dissolution, Liquidation Judicial Order or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights Certificate of Liquidating Agent ............................68 Section 15.10 Satisfaction and Discharge; Discharge and Covenant Defeasance ........................68 Section 15.11 Trustee Not Fiduciary for Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness ...................................68 ARTICLE XVI MISCELLANEOUS PROVISIONS Section 16.01 Certificates and Opinions as to Conditions Precedent ...........................................69 Section 16.02 Trust Indenture Act Controls .................................................................................70 Section 16.03 Notices; Waiver of the Company Unconditional..............................................50 SECTION 10.06 Trustee Entitled to Assume Payments Not Prohibited in Absence Notice .....................................................................................70 Section 16.04 No Adverse Interpretation of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Other Agreements ...................................................71 Section 16.05

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 1301 Securities Subordinated Subordinate to Senior Debt................................................47 SECTION 10.02 Indebtedness...................................................... 78 Section 1302 Payment Over of Proceeds Upon Dissolution, Etc..................................................... 78 Section 1303 Prior Payment to Senior Indebtedness Upon Acceleration of Securities............................... 80 Section 1304 No Payment on Securities When Senior Indebtedness in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Default..................................................... 80 Section 1305 Payment of All Senior Debt on Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 Permitted If No Default.................................................................... 81 Section 1306 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness............................................ 81 Section 1307 Provisions Solely to Define Relative Rights........................................................ 82 Section 1308 Trustee to Effectuate Subordination................................................................ 82 Section 1309 No Waiver of the Company Unconditional..............................................50 SECTION 10.06 Subordination Provisions.............................................................. 82 Section 1310 Notice to Trustee.................................................................................. 83 Section 1311 Reliance on Judicial Order or Certificate of Liquidating Agent..................................... 83 Section 1312 Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Fiduciary for Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right Indebtedness........................................... 83 Section 1313 Rights of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders as Holder of Senior Debt................................52 SECTION 10.13 Indebtedness; Preservation of Trustee's Rights............... 84 Section 1314 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents................................................................ 84 Section 1315 Certain Conversions or Exchanges Deemed Payment.................................................... 84 Annex A -- Form of Trust Agreement Annex B -- Form of Amended and Restated Trust Agreement Annex C -- Form of Guarantee Agreement THE CHUBB CORPORATION Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to provisions of Sections 310 to and including 317 which, pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended by the Trust Reform Act of 1990, are a part of and govern the Indenture whether or not physically contained therein) and the Junior Subordinated Indenture, dated as of June 4, 2003.

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 15.01 Agreement to Subordinate .....................................................................................65 Section 15.02 Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities Subordinated to Senior Debt................................................47 SECTION 10.02 ...........................................................................................................65 Section 15.03 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Event of Default on Senior Indebtedness ................66 Section 15.04 Payments on Securities Subordinated Permitted ..........................................................................67 Section 15.05 Authorization of Securityholders to Prior Payment Trustee to Effect Subordination ...................67 Section 15.06 Notices to Trustee ..................................................................................................67 Section 15.07 Trustee as Holder of All Senior Debt Indebtedness .............................................................68 Section 15.08 Modifications of Terms of Senior Indebtedness ....................................................68 Section 15.09 Reliance on Dissolution, Liquidation Judicial Order or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights Certificate of Liquidating Agent ............................68 Section 15.10 Satisfaction and Discharge; Defeasance and Covenant Defeasance ......................69 Section 15.11 Trustee Not Fiduciary for Holders of Senior Debt.......................................49 SECTION 10.05 Obligations of Indebtedness ...................................69 ARTICLE XVI MISCELLANEOUS PROVISIONS Section 16.01 Certificates and Opinions as to Conditions Precedent ...........................................69 Section 16.02 Trust Indenture Act Controls .................................................................................70 Section 16.03 Notices to the Company Unconditional..............................................50 SECTION 10.06 and Trustee Entitled .....................................................................70 Section 16.04 Notices to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Securityholders; Waiver .......................................................................71 Section 16.05

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 Section 15.01 Agreement to Subordinate .....................................................................................66 Section 15.02 Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities Subordinated to Senior Debt................................................47 SECTION 10.02 ...........................................................................................................66 Section 15.03 No Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Event of Default on Senior Indebtedness ................68 Section 15.04 Payments on Securities Subordinated Permitted ..........................................................................68 Section 15.05 Authorization of Securityholders to Prior Payment Trustee to Effect Subordination ...................69 Section 15.06 Notices to Trustee ..................................................................................................69 Section 15.07 Trustee as Holder of All Senior Debt Indebtedness .............................................................70 Section 15.08 Modifications of Terms of Senior Indebtedness ....................................................70 Section 15.09 Reliance on Dissolution, Liquidation Judicial Order or Reorganization.........................................................48 SECTION 10.04 Subrogation to Rights Certificate of Liquidating Agent ............................70 Section 15.10 Satisfaction and Discharge; Defeasance and Covenant Defeasance ......................70 Section 15.11 Trustee Not Fiduciary for Holders of Senior Debt.......................................49 SECTION 10.05 Obligations of the Company Unconditional..............................................50 SECTION 10.06 Trustee Entitled Indebtedness ...................................70 ARTICLE XVI MISCELLANEOUS PROVISIONS Section 16.01 Certificates and Opinions as to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Conditions Precedent ...........................................71 Section 16.02

SUBORDINATION OF SECURITIES. 47 SECTION 10.01 97 Section 13.1 Securities Subordinated Subordinate to Senior Debt................................................47 SECTION 10.02 No Indebtedness.......................................... 97 Section 13.2 Payment on Securities in Certain Circumstances.....................................47 SECTION 10.03 Securities Subordinated to Prior Payment Over of All Senior Debt on Proceeds upon Dissolution, Liquidation or Reorganization.........................................................48 SECTION 10.04 etc......................................... 97 Section 13.3 Suspension of Payment When Senior Indebtedness in Default.............................. 98 Section 13.4 Trustee's Relation to Senior Indebtedness.............................................. 100 Section 13.5 Subrogation to Rights of Holders of Senior Debt.......................................49 SECTION 10.05 Obligations Indebtedness................................ 100 Section 13.6 Provisions Solely To Define Relative Rights............................................ 101 Section 13.7 Trustee To Effectuate Subordination.................................................... 101 Section 13.8 No Waiver of the Company Unconditional..............................................50 SECTION 10.06 Subordination Provisions.................................................. 101 Section 13.9 Notice to Trustee...................................................................... 102 Section 13.10 Reliance on Judicial Order or Certificate of Liquidating Agent......................... 103 Section 13.11 Rights of Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice...............50 SECTION 10.07 Application by Trustee of Amounts Deposited with It...................................50 SECTION 10.08 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders as Holder of Senior Debt...........................................................................51 SECTION 10.09 Trustee to Effectuate Subordination Indebtedness; Preservation of Securities.....................................51 SECTION 10.10 Right of Trustee to Hold Senior Debt..................................................52 SECTION 10.11 Article X Not to Prevent Events of Default............................................52 SECTION 10.12 No Fiduciary Duty of Trustee to Holders of Senior Debt................................52 SECTION 10.13 Trustee's Rights................................................................................. 103 Section 13.12 Article Applicable to Paying Agent....................................................52 ARTICLE XI MISCELLANEOUS..............................................................................52Agents.................................................... 103 Section 13.13 No Suspension of Remedies.............................................................. 103