Floating Rate Junior Subordinated Deferrable Interest Debentures (2004)Full Document 

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FIRST REGIONAL BANCORP,

as Issuer

 

 

INDENTURE

 

Dated as of December 15, 2004

 

 

WILMINGTON TRUST COMPANY,

as Trustee

 

 

FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES

 

DUE 2034

 

 

 



 

TABLE OF CONTENTS

 

ARTICLE I. DEFINITIONS

 

 

 

Section 1.1.

Definitions.

 

 

 

 

ARTICLE II. DEBENTURES

 

 

 

Section 2.1.

Authentication and Dating.

 

Section 2.2.

Form of Trustee’s Certificate of Authentication.

 

Section 2.3.

Form and Denomination of Debentures.

 

Section 2.4.

Execution of Debentures.

 

Section 2.5.

Exchange and Registration of Transfer of Debentures.

 

Section 2.6.

Mutilated, Destroyed, Lost or Stolen Debentures.

 

Section 2.7.

Temporary Debentures.

 

Section 2.8.

Payment of Interest and Additional Interest.

 

Section 2.9.

Cancellation of Debentures Paid, etc.

 

Section 2.10.

Computation of Interest.

 

Section 2.11.

Extension of Interest Payment Period.

 

Section 2.12.

CUSIP Numbers.

 

 

 

 

ARTICLE III. PARTICULAR COVENANTS OF THE COMPANY

 

 

 

Section 3.1.

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

 

Section 3.2.

Offices for Notices and Payments, etc.

 

Section 3.3.

Appointments to Fill Vacancies in Trustee’s Office.

 

Section 3.4.

Provision as to Paying Agent.

 

Section 3.5.

Certificate to Trustee.

 

Section 3.6.

Additional Sums.

 

Section 3.7.

Compliance with Consolidation Provisions.

 

Section 3.8.

Limitation on Dividends.

 

Section 3.9.

Covenants as to the Trust.

 

Section 3.10.

Additional Junior Indebtedness.

 

 

 

 

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

 

 

 

Section 4.1.

Securityholders’ Lists.

 

Section 4.2.

Preservation and Disclosure of Lists.

 

 

 

 

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

 

 

 

Section 5.1.

Events of Default.

 

Section 5.2.

Payment of Debentures on Default; Suit Therefor.

 

Section 5.3.

Application of Moneys Collected by Trustee.

 

Section 5.4.

Proceedings by Securityholders.

 

Section 5.5.

Proceedings by Trustee.

 

Section 5.6.

Remedies Cumulative and Continuing; Delay or Omission Not a Waiver.

 

 

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Section 5.7.

Direction of Proceedings and Waiver of Defaults by Majority of Securityholders.

 

Section 5.8.

Notice of Defaults.

 

Section 5.9.

Undertaking to Pay Costs.

 

 

 

 

ARTICLE VI. CONCERNING THE TRUSTEE

 

 

 

Section 6.1.

Duties and Responsibilities of Trustee.

 

Section 6.2.

Reliance on Documents, Opinions, etc.

 

Section 6.3.

No Responsibility for Recitals, etc.

 

Section 6.4.

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

 

Section 6.5.

Moneys to be Held in Trust.

 

Section 6.6.

Compensation and Expenses of Trustee.

 

Section 6.7.

Officers’ Certificate as Evidence.

 

Section 6.8.

Eligibility of Trustee.

 

Section 6.9.

Resignation or Removal of Trustee

 

Section 6.10.

Acceptance by Successor Trustee.

 

Section 6.11.

Succession by Merger, etc.

 

Section 6.12.

Authenticating Agents.

 

 

 

 

ARTICLE VII. CONCERNING THE SECURITYHOLDERS

 

 

 

Section 7.1.

Action by Securityholders.

 

Section 7.2.

Proof of Execution by Securityholders.

 

Section 7.3.

Who Are Deemed Absolute Owners.

 

Section 7.4.

Debentures Owned by Company Deemed Not Outstanding.

 

Section 7.5.

Revocation of Consents; Future Holders Bound.

 

 

 

 

ARTICLE VIII. SECURITYHOLDERS’ MEETINGS

 

 

 

Section 8.1.

Purposes of Meetings.

 

Section 8.2.

Call of Meetings by Trustee.

 

Section 8.3.

Call of Meetings by Company or Securityholders.

 

Section 8.4.

Qualifications for Voting.

 

Section 8.5.

Regulations.

 

Section 8.6.

Voting.

 

Section 8.7.

Quorum; Actions.

 

 

 

 

ARTICLE IX. SUPPLEMENTAL INDENTURES

 

 

 

Section 9.1.

Supplemental Indentures without Consent of Securityholders.

 

Section 9.2.

Supplemental Indentures with Consent of Securityholders.

 

Section 9.3.

Effect of Supplemental Indentures.

 

Section 9.4.

Notation on Debentures.

 

Section 9.5.

Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee.

 

 

 

 

ARTICLE X. REDEMPTION OF SECURITIES

 

 

 

Section 10.1.

Optional Redemption.

 

Section 10.2.

Special Event Redemption.

 

Section 10.3.

Notice of Redemption; Selection of Debentures.

 

Section 10.4.

Payment of Debentures Called for Redemption.

 

 

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

 

 

 

Section 11.1.

Company May Consolidate, etc., on Certain Terms.

 

Section 11.2.

Successor Entity to be Substituted.

 

Section 11.3.

Opinion of Counsel to be Given to Trustee.

 

 

 

 

ARTICLE XII. SATISFACTION AND DISCHARGE OF INDENTURE

 

 

 

Section 12.1.

Discharge of Indenture.

 

Section 12.2.

Deposited Moneys to be Held in Trust by Trustee.

 

Section 12.3.

Paying Agent to Repay Moneys Held.

 

Section 12.4.

Return of Unclaimed Moneys.

 

 

 

 

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

 

 

 

Section 13.1.

Indenture and Debentures Solely Corporate Obligations.

 

 

 

 

ARTICLE XIV. MISCELLANEOUS PROVISIONS

 

 

 

Section 14.1.

Successors.

 

Section 14.2.

Official Acts by Successor Entity.

 

Section 14.3.

Surrender of Company Powers.

 

Section 14.4.

Addresses for Notices, etc.

 

Section 14.5.

Governing Law.

 

Section 14.6.

Evidence of Compliance with Conditions Precedent.

 

Section 14.7.

Table of Contents, Headings, etc.

 

Section 14.8.

Execution in Counterparts.

 

Section 14.9.

Separability.

 

Section 14.10.

Assignment.

 

Section 14.11.

Acknowledgment of Rights.

 

 

 

 

ARTICLE XV. SUBORDINATION OF DEBENTURES

 

 

 

Section 15.1.

Agreement to Subordinate.

 

Section 15.2.

Default on Senior Indebtedness.

 

Section 15.3.

Liquidation, Dissolution, Bankruptcy.

 

Section 15.4.

Subrogation.

 

Section 15.5.

Trustee to Effectuate Subordination.

 

Section 15.6.

Notice by the Company.

 

Section 15.7.

Rights of the Trustee; Holders of Senior Indebtedness.

 

Section 15.8.

Subordination May Not Be Impaired.

 

 

 

 

Exhibit A

Form of Floating Rate Junior Subordinated Deferrable Interest Debenture

 

 

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THIS INDENTURE, dated as of December 15, 2004, 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 2034 (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:

 

ARTICLE I.
DEFINITIONS

 

Section 1.1.                                Definitions.  The terms defined in this Section 1.1 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.1.  All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United States at the time of any computation.  The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

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