Common use of Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures Clause in Contracts

Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures. A Holder of a Security may elect to exercise the Warrants which form a part of such Security at any time in accordance with the terms of the Warrant Agreement. Each Holder, other than an Electing Holder, who desires to exercise its Warrants shall, prior to any such exercise, separate the Warrant and the Preferred Security components of the Security in accordance with Section 3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price by tendering Preferred Securities. Following the exercise of a Warrant on a day other than the Remarketing Settlement Date, the Holder of the Security of which such Warrant formed a part may require the Trust to exchange the Preferred Securities which formed the other part of such Security for Debentures having an Accreted Value equal to the Accreted Value of the Preferred Securities being exchanged and to require KeySpan to repurchase such Debentures on the applicable Required Repurchase Date which is no less than 60 days from such exercise date, as specified in the Declaration.

Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures. A Holder of a Security may elect to exercise the Warrants which form a part of such Security at any time in accordance with the terms of the Warrant Agreement. Each Holder, other than an Electing Remarketing Holder, who desires to exercise its Warrants shall, prior to any such exercise, separate the Warrant and the Preferred Security components of the Security in accordance with Section 3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price by tendering Preferred Securities. Following the exercise of a Warrant on a day other than the Remarketing Settlement Date, the Holder of the Security of which such Warrant formed a part may require the Trust to exchange the Preferred Securities which formed the other part of such Security for Debentures having an Accreted Value equal to the Accreted Value of the Preferred Securities being exchanged and to require KeySpan IndyMac Bancorp to repurchase such Debentures on the applicable Required Repurchase Date which is no less than 60 days from such exercise date, as specified in the DeclarationTrust Agreement.

Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures. A Holder of a Security may elect to exercise the Warrants which form a part of such Security at any time in accordance with the terms of the Warrant Agreement. Each Holder, other than an Electing Remarketing Holder, who desires to exercise its Warrants shall, prior to any such exercise, separate the Warrant and the Preferred Security components of the Security in accordance with Section 3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price by tendering Preferred Securities. Following the exercise of a Warrant on a day other than the Remarketing Settlement Date, the Holder of the Security of which such Warrant formed a part may require the Trust to exchange the Preferred Securities which formed the other part of such Security for Debentures having an Accreted Value equal to the Accreted Value of the Preferred Securities being exchanged and to require KeySpan the Company to repurchase such Debentures on the applicable Required Repurchase Special Distribution Date which is no less than 60 180 days from such exercise date, as specified in the Declaration.

Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures. A Holder of a Security may elect to exercise the Warrants which form a part of such Security at any time in accordance with the terms of the Warrant Agreement. Each Holder, other than an Electing Holder, who desires to exercise its Warrants shall, prior to any such exercise, separate the Warrant and the Preferred Security components of the Security in accordance with Section 3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price by tendering Preferred Securities. Following the exercise of a Warrant on a day other than the Remarketing Settlement Date, the Holder of the Security of which such Warrant formed a part may require the Trust to exchange the Preferred Securities which formed the other part of such Security for Debentures having an Accreted Value equal to the Accreted Value of the Preferred Securities being exchanged and to require KeySpan Washington Mutual to repurchase such Debentures on the applicable Required Repurchase Date which is no less than 60 days from such exercise date, as specified in the Declaration.

Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures. A Holder of a Security Unit may elect to exercise the Warrants which form a part of such Security Unit at any time (such exercise, an "EARLY EXERCISE") in accordance with the terms of the Warrant Agreement. Each Holder, other than an Electing Exercising Holder, who desires to exercise its Warrants shall, prior to any such exercise, separate the Warrant and the Preferred Security components of the Security in accordance with Section 3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price by tendering Preferred Securities. Following the exercise of a Warrant on a day other than the Remarketing Settlement Redemption Date, the Holder of the Security Unit of which such Warrant formed a part may require the Trust, pursuant to this Agreement, the Trust Agreement and the Indenture, to exchange the Preferred Securities which formed the other part of such Security for Debentures having an Accreted Value equal to the Accreted Value of the Preferred Securities being exchanged and to require KeySpan the Company to repurchase such Debentures on the applicable Required Repurchase Date which is no less than 60 93 days from such exercise date, as specified in the DeclarationTrust Agreement.

Early Exercise of Warrants; Exchange of Preferred Securities and Repurchase of Debentures. A Holder of a Security may elect to exercise the Warrants which form a part of such Security at any time in accordance with the terms of the Warrant Agreement. Each Holder, other than an Electing Remarketing Holder, who desires to exercise its Warrants shall, prior to any such exercise, separate the Warrant and the Preferred Security components of the Security in accordance with Section 3.6. In no event may a Holder satisfy its obligation to pay the Exercise Price by tendering Preferred Securities. Following the exercise of a Warrant on a day other than the Remarketing Settlement Date, the Holder of the Security of which such Warrant formed a part may require the Trust to exchange the Preferred Securities which formed the other part of such Security for Debentures having an Accreted Value equal to the Accreted Value of the Preferred Securities being exchanged and to require KeySpan the Company to repurchase such Debentures on the applicable Required Repurchase Date which is no less than 60 180 days from such exercise date, as specified in the Declaration.