Floating Rate Junior Subordinated Deferrable Interest Debentures (2007)Full Document 

Start of Preview

 

FIRST REGIONAL BANCORP,

as Issuer

INDENTURE

Dated as of September 25, 2007

 

WILMINGTON TRUST COMPANY,

as Trustee

FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

 

DUE 2037

 




TABLE OF CONTENTS

 

Page

 

 

ARTICLE I. DEFINITIONS

1

 

 

Section 1.1.

Definitions

1

 

 

 

ARTICLE II. DEBENTURES

8

 

 

Section 2.1.

Authentication and Dating

8

Section 2.2.

Form of Trustee’s Certificate of Authentication

9

Section 2.3.

Form and Denomination of Debentures

9

Section 2.4.

Execution of Debentures

9

Section 2.5.

Exchange and Registration of Transfer of Debentures

10

Section 2.6.

Mutilated, Destroyed, Lost or Stolen Debentures

12

Section 2.7.

Temporary Debentures

12

Section 2.8.

Payment of Interest and Additional Interest

13

Section 2.9.

Cancellation of Debentures Paid, etc

14

Section 2.10.

Computation of Interest

14

Section 2.11.

Extension of Interest Payment Period

15

Section 2.12.

CUSIP Numbers

17

Section 2.13.

Global Debentures

17

 

 

 

ARTICLE III. PARTICULAR COVENANTS OF THE COMPANY

19

 

 

Section 3.1.

Payment of Principal, Premium and Interest; Agreed Treatment of the Debentures

19

Section 3.2.

Offices for Notices and Payments, etc

19

Section 3.3.

Appointments to Fill Vacancies in Trustee’s Office

20

Section 3.4.

Provision as to Paying Agent

20

Section 3.5.

Certificate to Trustee

21

Section 3.6.

Additional Sums

21

Section 3.7.

Compliance with Consolidation Provisions

21

Section 3.8.

Limitation on Dividends

21

Section 3.9.

Covenants as to the Trust

22

Section 3.10.

Additional Junior Indebtedness

22

Section 3.11.

Subsidiary; Insured Depository Institution

22

 

 

 

ARTICLE IV. SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

22

 

 

Section 4.1.

Securityholders’ Lists

22

Section 4.2.

Preservation and Disclosure of Lists

23

Section 4.3.

Reports by the Company

23

 

 

 

ARTICLE V. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

24

 

 

Section 5.1.

Events of Default

24

Section 5.2.

Payment of Debentures on Default; Suit Therefor

26

Section 5.3.

Application of Moneys Collected by Trustee

27

Section 5.4.

Proceedings by Securityholders

27

 

i




 

Section 5.5.

Proceedings by Trustee

28

Section 5.6.

Remedies Cumulative and Continuing; Delay or Omission Not a Waiver

28

Section 5.7.

Direction of Proceedings and Waiver of Defaults by Majority of Securityholders

28

Section 5.8.

Notice of Defaults

29

Section 5.9.

Undertaking to Pay Costs

29

 

 

 

ARTICLE VI. CONCERNING THE TRUSTEE

29

 

 

Section 6.1.

Duties and Responsibilities of Trustee

29

Section 6.2.

Reliance on Documents, Opinions, etc

30

Section 6.3.

No Responsibility for Recitals, etc

31

Section 6.4.

Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Debentures

31

Section 6.5.

Moneys to be Held in Trust

31

Section 6.6.

Compensation and Expenses of Trustee

32

Section 6.7.

Officers’ Certificate as Evidence

32

Section 6.8.

Eligibility of Trustee

32

Section 6.9.

Resignation or Removal of Trustee

33

Section 6.10.

Acceptance by Successor Trustee

34

Section 6.11.

Succession by Merger, etc

35

Section 6.12.

Authenticating Agents

35

 

 

 

ARTICLE VII. CONCERNING THE SECURITYHOLDERS

36

 

 

Section 7.1.

Action by Securityholders

36

Section 7.2.

Proof of Execution by Securityholders

36

Section 7.3.

Who Are Deemed Absolute Owners

36

Section 7.4.

Debentures Owned by Company Deemed Not Outstanding

37

Section 7.5.

Revocation of Consents; Future Holders Bound

37

 

 

 

ARTICLE VIII. SECURITYHOLDERS’ MEETINGS

37

 

 

Section 8.1.

Purposes of Meetings

37

Section 8.2.

Call of Meetings by Trustee

38

Section 8.3.

Call of Meetings by Company or Securityholders

38

Section 8.4.

Qualifications for Voting

38

Section 8.5.

Regulations

38

Section 8.6.

Voting

39

Section 8.7.

Quorum; Actions

39

 

 

 

ARTICLE IX. SUPPLEMENTAL INDENTURES

40

 

 

Section 9.1.

Supplemental Indentures without Consent of Securityholders

40

Section 9.2.

Supplemental Indentures with Consent of Securityholders

41

Section 9.3.

Effect of Supplemental Indentures

42

Section 9.4.

Notation on Debentures

42

Section 9.5.

Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee

42

 

 

 

ARTICLE X. REDEMPTION OF SECURITIES

42

 

 

Section 10.1.

Optional Redemption

42

Section 10.2.

Special Event Redemption

42

 

ii




 

Section 10.3.

Notice of Redemption; Selection of Debentures

42

Section 10.4.

Payment of Debentures Called for Redemption

43

 

 

 

ARTICLE XI. CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

43

 

 

Section 11.1.

Company May Consolidate, etc., on Certain Terms

43

Section 11.2.

Successor Entity to be Substituted

44

Section 11.3.

Opinion of Counsel to be Given to Trustee

44

 

 

 

ARTICLE XII. SATISFACTION AND DISCHARGE OF INDENTURE

44

 

 

Section 12.1.

Discharge of Indenture

44

Section 12.2.

Deposited Moneys to be Held in Trust by Trustee

45

Section 12.3.

Paying Agent to Repay Moneys Held

45

Section 12.4.

Return of Unclaimed Moneys

45

 

 

 

ARTICLE XIII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

45

 

 

Section 13.1.

Indenture and Debentures Solely Corporate Obligations

45

 

 

 

ARTICLE XIV. MISCELLANEOUS PROVISIONS

46

 

 

Section 14.1.

Successors

46

Section 14.2.

Official Acts by Successor Entity

46

Section 14.3.

Surrender of Company Powers

46

Section 14.4.

Addresses for Notices, etc

46

Section 14.5.

Governing Law

46

Section 14.6.

Evidence of Compliance with Conditions Precedent

46

Section 14.7.

Table of Contents, Headings, etc

47

Section 14.8.

Execution in Counterparts

47

Section 14.9.

Separability

47

Section 14.10.

Assignment

47

Section 14.11.

Acknowledgment of Rights

47

 

 

 

ARTICLE XV. SUBORDINATION OF DEBENTURES

47

 

 

Section 15.1.

Agreement to Subordinate

47

Section 15.2.

Default on Senior Indebtedness

48

Section 15.3.

Liquidation, Dissolution, Bankruptcy

48

Section 15.4.

Subrogation

49

Section 15.5.

Trustee to Effectuate Subordination

50

Section 15.6.

Notice by the Company

50

Section 15.7.

Rights of the Trustee; Holders of Senior Indebtedness

51

Section 15.8.

Subordination May Not Be Impaired

51

 

 

Exhibit A

Form of Floating Rate Junior Subordinated Deferrable Interest Debenture

 

Exhibit B

Form of Certificate to Trustee

 

Exhibit C

Form of Quarterly Report

 

 

iii




THIS INDENTURE, dated as of September 25, 2007, between First Regional Bancorp, a California corporation (the “Company”), and Wilmington Trust Company, a Delaware banking corporation, as debenture trustee (the “Trustee”).

WITNESSETH:

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its Floating Rate Junior Subordinated Deferrable Interest Debentures due 2037 (the “Debentures”) under this Indenture to provide, among other things, for the execution and authentication, delivery and administration thereof, and the Company has duly authorized the execution of this Indenture; and

WHEREAS, all acts and things necessary to make this Indenture a valid agreement according to its terms, have been done and performed;

NOW, THEREFORE, This Indenture Witnesseth:

In consideration of the premises, and the purchase of the Debentures by the holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Debentures as follows:

End of Preview