DATED AS OF DECEMBER 20, 1988
BANK OF MONTREAL -- BANQUE DE MONTREAL
AND
THE ROYAL TRUST COMPANY --
COMPAGNIE TRUST ROYAL
TRUSTEE
NINTH SUPPLEMENTAL
TRUST INDENTURE
TABLE OF CONTENTS
Section Page
------- ----
Recitals ......................................................... 1
ARTICLE ONE
INTERPRETATION
1.01 Part of Original Trust Indenture ................................. 2
1.02 Definitions ...................................................... 2
ARTICLE TWO
ISSUE OF SERIES 11 DEBENTURES
2.01 Limit of Issue and Designation ................................... 2
2.02 Form and Terms of Series 11 Debentures ........................... 2
2.03 Issue of Series 11 Debentures .................................... 3
ARTICLE THREE
REDEMPTION AND PURCHASE OF SERIES 11 DEBENTURES
3.01 Restriction on Redemption ........................................ 3
3.02 Purchase of Series 11 Debentures ................................. 3
3.03 Invitation for Tenders of Series 11 Debentures ................... 3
3.04 Cancellation of Series 11 Debentures ............................. 3
ARTICLE FOUR
EXCHANGE OF SERIES 11 DEBENTURES
4.01 Right of Exchange ................................................ 4
4.02 Exercise of Right of Exchange .................................... 4
4.03 Certification and Delivery of Series 12 Debentures ............... 4
4.04 Interest on Series 11 Debentures ................................. 4
i
THIS NINTH SUPPLEMENTAL TRUST INDENTURE made as of December 20, 0000
XXXXXXX
XXXX XX XXXXXXXX - BANQUE DE MONTREAL, a Canadian chartered bank
(hereinafter called the "Bank"), _____________________________________
___________________________________________________ OF THE FIRST PART,
-and-
THE ROYAL TRUST COMPANY - COMPAGNIE TRUST ROYAL a trust company
incorporated under the laws of the Province of Quebec (hereinafter
called the "Trustee"), _______________________________________________
__________________________________________________ OF THE SECOND PART,
WHEREAS under an indenture made as of February 1, 1978 between the Bank and
the Trustee (the "Original Trust Indenture") the creation and issue of
Debentures from time to time without limitation as to principal amount was
provided for;
AND WHEREAS by the Original Trust Indenture and indentures supplemental
thereto the Bank has issued eight series of Debentures;
AND WHEREAS by an indenture made as of April 26, 1984 between the Bank and
the Trustee, the Bank provided for the creation and issue of $250,000,000
principal amount in lawful money of the United States of America of Debentures
designated "Floating Rate Debentures, Series 9, Due 1996";
AND WHEREAS by an indenture made as of July 23, 1986 between the Bank and
the Trustee, the Bank provided for the creation and issue of $250,000,000
principal amount in lawful money of the United States of America of Debentures
designated "Floating Rate Debentures, Series 10, Due 1998";
AND WHEREAS pursuant to the provisions of the Original Trust Indenture and,
in particular, section 2.07 thereof, the directors of the Bank have authorized
the creation and issue of additional Debentures thereunder upon the terms set
forth in this Ninth Supplemental Trust Indenture;
AND WHEREAS all things necessary have been done and performed to authorize
the execution of this Ninth Supplemental Trust Indenture, to make the same
effective and binding upon the Bank and to make the additional Debentures when
certified by the Trustee and issued as provided in this Ninth Supplemental Trust
Indenture valid, binding and legal obligations of the Bank with the benefits and
subject to the terms of the Original Trust Indenture and this Ninth Supplemental
Trust Indenture.
1
NOW THEREFORE THIS INDENTURE WITNESSETH and it is hereby agreed and
declared as follows:
ARTICLE ONE
INTERPRETATION
SECTION 1.01. Part of Original Trust Indenture. The Original Trust
Indenture is part of this Ninth Supplemental Trust Indenture and by this
reference is incorporated herein with the same effect as though at length set
forth herein; and in this Ninth Supplemental Trust Indenture, unless there is
something in the subject matter or context inconsistent therewith, the
expressions herein contained shall have the same meaning as corresponding
expressions in the Original Trust Indenture.
SECTION 1.02. Definitions. In this Ninth Supplemental Trust Indenture,
unless there is something in the subject matter or context inconsistent
therewith:
"10.60% Exchangeable Debentures, Series 11, Due 1998" and "Series 11
Debentures" means the $150,000,000 aggregate principal amount of 10.60%
Exchangeable Debentures, Series 11, Due 1998 referred to in section 2.01
hereof including Debentures issued in substitution for any such Debentures;
"10.85% Debentures, Series 12, Due 2008" and "Series 12 Debentures"
means the $150,000,000 aggregate principal amount of 10.85% Debentures,
Series 12, due 2008 referred to in section 5.01 hereof including Debentures
issued in substitution for any such Debentures.
ARTICLE TWO
ISSUE OF SERIES 11 DEBENTURES
SECTION 2.01. Limit of Issue and Designation. A series of debentures is
hereby created and authorized to be issued pursuant to the Original Trust
Indenture consisting of and limited to $150,000,000 principal amount in lawful
money of Canada and hereby designated "10.60% Exchangeable Debentures, Series
11, Due 1998".
SECTION 2.02. Form and Terms of Series 11 Debentures.
(1) The Series 11 Debentures shall be issued as fully registered Debentures
only without coupons in denominations of $1,000 and integral multiples thereof;
shall be substantially in the form set out in Article Seven hereof with such
appropriate insertions, omissions, substitutions and variations as the Bank may
authorize and the Trustee may assent to; shall be in both the English and French
languages; and shall bear such distinguishing letters and numbers as the Trustee
may approve.
(2) The Series 11 Debentures shall be dated December 20, 1988 and shall
mature on December 20, 1998.
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(3) The principal of the Series 11 Debentures and the interest thereon
shall be payable in lawful money of Canada at any branch in Canada of the Bank,
at the option of the respective holders of the Series 11 Debentures.
(4) The Series 11 Debentures shall bear interest from December 20, 1988 at
the rate of ten and sixty one hundredths per cent (10.60%) per annum payable
half-yearly on June 20 and December 20 of each year, commencing June 20, 1989,
with overdue interest, if any, to bear interest at the same rate.
SECTION 2.03. Issue of Series 11 Debentures. The Series, 11 Debentures, in
interim or definitive form, to the aggregate principal amount of $150,000,000,
may forthwith be executed by the Bank and certified by or on behalf of the
Trustee and delivered by it to or upon the written order of the Bank, without
the Trustee receiving any consideration therefor.
ARTICLE THREE
REDEMPTION AND PURCHASE OF SERIES 11 DEBENTURES
SECTION 3.01. Restriction on Redemption. The Bank shall not redeem any
Series 11 Debentures prior to maturity.
SECTION 3.02. Purchase of Series, 11 Debentures. The Bank shall have the
right only on and after December 20, 1993 to purchase Series 11 Debentures in
the market, by tender or by private contract at any price.
SECTION 3.03. Invitation for Tenders of Series 11 Debentures. If, upon an
invitation for tenders, more Series 11 Debentures are tendered at the same
lowest price that the Bank is prepared to accept, the Series 11 Debentures to be
purchased by the Bank will be selected by the Trustee by lot in such manner as
the Trustee may deem equitable from the Series 11 Debentures tendered by each
tendering holder thereof who tendered at such lowest price. For this purpose,
the Trustee may make, and may from time to time amend, regulations with respect
to the manner in which Series 11 Debentures may be selected and regulations so
made shall be valid and binding upon all holders of the Series 11 Debentures,
notwithstanding the fact that, as a result thereof, holders of one or more of
such Series 11 Debentures become subject to purchase in part only.
SECTION 3.04. Cancellation of Series 11 Debentures. All Series 11
Debentures purchased by the Bank under the provisions of this Article or
exchanged by the holders of Series 11 Debentures pursuant to the provisions of
Article Four hereof shall be forthwith delivered to and cancelled by the Trustee
and shall not be reissued.
3
ARTICLE FOUR
EXCHANGE OF SERIES 11 DEBENTURES
SECTION 4.01. Right of Exchange. Series 11 Debentures will be exchangeable,
without charge, at the holder's option, on December 20, 1993 for an equal
aggregate principal amount of Series 12 Debentures.
SECTION 4.02. Exercise of Right of Exchange. The right of exchange may be
exercised by the holders of Series 11 Debentures from October 15, 1993 to
December 19, 1993 by executing the form on the reverse side of the Series 11
Debenture certificate and delivering the same to the principal office of the
Trustee in any one of the cities of Halifax, Montreal, Toronto, Winnipeg,
Xxxxxx, Calgary or Vancouver.
SECTION 4.03. Certification and Delivery of Series 12 Debentures. The
Trustee, upon receipt of Series 11 Debentures with the form for the exercise of
the right of exchange duly executed by the registered holder thereof, shall
forthwith certify and deliver to such registered holder Series 12 Debentures
dated December 20, 1993 in the same aggregate principal amount as the Series 11
Debentures so delivered in exchange.
SECTION 4.04. Interest on Series 11 Debentures. The holders of Series 11
Debentures delivered to the Trustee in exchange for Series 12 Debentures shall
be entitled to receive interest on the Series 11 Debentures so delivered to the
Trustee for exchange to December 20, 1993, the date of exchange.
ARTICLE FIVE
ISSUE OF SERIES 12 DEBENTURES
SECTION 5.01. Limit of Issue and Designation. A series of debentures is
hereby created and authorized to be issued pursuant to the Original Trust
Indenture consisting of and limited to $150,000,000 principal amount in lawful
money of Canada and hereby designated "10.85% Debentures, Series 12, Due 2008".
SECTION 5.02. Form and Terms of Series 12 Debentures.
(1) The Series 12 Debentures shall be issued as fully registered
Debentures only without coupons in denominations of $1,000 and integral
multiples thereof; shall be substantially in the form set out in Article
Eight hereof with such appropriate insertions, omissions, substitutions.
and variations as the Bank may authorize and the Trustee may assent to;
shall be in both the English and French languages; and shall bear such
distinguishing letters and numbers as the Trustee shall approve.
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(2) The Series 12 Debentures shall be dated December 20, 1993 and
shall mature on December 20, 2008.
(3) The principal of the Series 12 Debentures, the interest thereon
and premium, if any, shall be payable in lawful money of Canada at any
branch in Canada of the Bank, at the option of the respective holders of
the Series 12 Debentures.
(4) The Series 12 Debentures shall bear interest from December 20,
1993 at the rate of ten and eighty-five one hundredths per cent. (10.85%)
per annum payable half-yearly on June 20 and December 20 of each year
commencing June 20, 1994, with overdue interest, if any, to bear interest
at the same rate.
SECTION 5.03. Issue of Series 12 Debentures. The Series 12 Debentures, in
interim or definitive form, to the aggregate principal amount of $150,000,000,
shall be executed by the Bank and certified by or on behalf of the Trustee and
delivered by it only in exchange for an equal principal amount of Series 11
Debentures delivered to the Trustee, appropriately signed by the registered
holder thereof, and upon the terms and conditions of exchange set forth in
Article Four hereof.
ARTICLE SIX
REDEMPTION AND PURCHASE OF SERIES 12 DEBENTURES
SECTION 6.01. Restriction on Redemption. The Bank shall not redeem
Series 12 Debentures for any purpose at any time prior to December 20, 1998.
SECTION 6.02. Redemption of Series 12 Debentures. On and after December 20,
1998 the Bank shall have the right, at its option and upon prior notice of not
less than thirty (30) days nor more than sixty (60) days, to redeem prior to
their maturity at any time the whole or from time to time any part of the Series
12 Debentures for the time being outstanding at the higher of the Canada Yield
Price (as defined below) and 100% of the principal amount thereof, together in
each case with accrued and unpaid interest to the date fixed for redemption.
"Canada Yield Price" shall mean, in effect, a price equal to the price of
the Series 12 Debentures calculated to provide a yield to maturity equal to
the Government of Canada Yield plus 0.40% on the business day preceding
the date of the resolution authorizing the redemption.
"Government of Canada Yield" on any date shall mean the average of the
yields determined by two registered Canadian investment dealers, selected
by the Bank, as being the yield to maturity on such date compounded
semi-annually which a non-callable Government of Canada Bond would carry if
issued in Canadian
5
dollars in Canada at 100% of its principal amount on such date with a term
to maturity equal to the remaining term to maturity of the Series 12
Debentures.
SECTION 6.03. Places of Payment. The redemption price shall be payable upon
presentation and surrender of the Series 12 Debentures to be redeemed at any of
the places where the principal of such Series 12 Debentures is expressed to be
payable and at such other places (if any) as may be specified in the notice of
redemption.
SECTION 6.04. Selection for Redemption. If less than all of the outstanding
Series 12 Debentures are to be redeemed at any one time, the Bank shall in each
such case, at least 15 days before the date upon which the notice of redemption
is to be given, notify the Trustee in writing of its intention to redeem such
Series 12 Debentures and of the aggregate principal amount of Series 12
Debentures so to be redeemed. The Series 12 Debentures so to be redeemed shall
be selected by lot by the Trustee in such manner as the Trustee may deem
equitable. For this purpose, the Trustee may make, and from time to time amend,
regulations with regard to the manner in which such Series 12 Debentures may be
so selected and regulations so made shall be valid and binding upon all holders
notwithstanding, the fact that, as a result thereof, one or more of such Series
12 Debentures become subject to redemption in part only.
SECTION 6.05. Partial Redemption.
(1) Any part, being $1,000 or an integral multiple thereof, of a Series 12
Debenture of a denomination in excess of $1,000 may, be selected and called for
redemption as hereinafter provided and all references in this Ninth Supplemental
Trust Indenture to redemption of Series 12 Debentures shall be deemed to include
redemption of any such part.
(2) The holder of any Series 12 Debenture of which part only is called for
redemption shall, upon presentation of his said Series 12 Debenture and upon
receiving the moneys payable to him by reason of such redemption, surrender the
said Series 12 Debenture to any branch in Canada of the Bank for transmission to
the Trustee and the Trustee shall cancel the same and shall without charge
forthwith certify and deliver to the said holder a new Series 12 Debenture or
Series 12 Debentures of the same aggregate principal amount equal to the
unredeemed part of the principal amount of the Series 12 Debenture so
surrendered.
SECTION 6.06. Notice of Redemption. Notice of redemption of any Series 12
Debentures shall be given to the holders of the Series 12 Debentures which are,
to be redeemed, not more than sixty (60) days nor less than thirty (30) days
prior to the date fixed for redemption, in the manner provided in Article Twelve
of the Original Trust Indenture. Every such notice shall specify the aggregate
principal amount of Series 12 Debentures called for redemption, the redemption
date, the redemption price
6
and the places of payment and shall state that interest upon the principal
amount of Series 12 Debentures called for redemption shall cease to be payable
from and after the redemption date. In case less than all the Series 12
Debentures are to be redeemed, the notice of redemption shall specify:
(a) the distinguishing letters and numbers of the Series 12 Debentures
which are to be redeemed (or of such thereof as are registered in the name of
such Debentureholder); and
(b) the principal amounts of such Series 12 Debentures, or if any such
Series 12 Debenture is to be redeemed in part only, the principal amount of such
part.
SECTION 6.07. Payment of Redemption Price. Upon notice being given as
aforesaid, the principal amount of the Series 12 Debentures so called for
redemption and the principal amount to be redeemed of the Series 12 Debentures
so called for redemption in part shall be and become due and payable at the
redemption price, on the redemption date specified in such notice and with the
same effect as if it were the date of maturity and, from and after such
redemption date, interest upon the principal amounts so becoming due and
payable, other than interest thereon which accrues or has accrued prior to
such redemption date, shall cease unless payment of the redemption price shall
not be made on presentation for surrender of such Series 12 Debentures at any of
the places specified in section 6.03 on or after the redemption date and prior
to the setting aside of the redemption price pursuant to Article Seven of the
Original Trust Indenture.
SECTION 6.08. Purchase of Series 12 Debentures. The bank shall have the
right only on and after December 20, 1998 to purchase Series 12 Debentures in
the market, by tender or by private contract at any price.
SECTION 6.09. Invitation for Tenders of Series 12 Debentures. If, upon an
invitation for tenders, more Series 12 Debentures are tendered at the same
lowest price that the Bank is prepared to accept, the Series 12 Debentures to be
purchased by the Bank will be selected by the Trustee by lot in such manner as
the Trustee may deem equitable from the Series 12 Debentures tendered by each
tendering holder thereof who tendered at such lowest price. For this purpose,
the Trustee may make, and may from time to time amend, regulations with respect
to the manner in which Series 12 Debentures may be selected and regulations so
made shall be valid and binding upon all holders of the Series 12 Debentures,
notwithstanding the fact that, as a result thereof, holders of one or more of
such Series 12 Debentures become subject to purchase in part only.
SECTION 6.10. Cancellation of Series 12 Debentures. Subject to the
provisions of section 6.05 as to Series 12 Debentures redeemed in part, all
Series 12 Debentures
7
redeemed or purchased by the Bank under the provisions of this Article shall be
forthwith delivered to and cancelled by the Trustee and shall not be reissued.
ARTICLE SEVEN
FORM OF SERIES 11 DEBENTURES
SECTION 7.01. Form of Series 11 Debentures. The following is the form of
Series ii Debentures referred to in section 2.02:
ENGLISH TEXT
THIS IS NOT A DEPOSIT INSURED UNDER THE CANADA DEPOSIT
INSURANCE CORPORATION ACT
No. 11 R $_____
BANK OF MONTREAL
(Incorporated under the laws of Canada)
10.60% EXCHANGEABLE DEBENTURE, SERIES 11, DUE 1998
BANK OF MONTREAL (the "Bank"), for value received, hereby acknowledges
itself indebted and promises to pay to _________________________________________
or registered assigns on December 20, 1998 the principal sum of ________________
______________________________________________________ DOLLARS ($______________)
in lawful money of Canada at any branch in Canada of the Bank at the holder's
option and until payment of the said principal sum to pay interest thereon from
the date hereof, or from the last interest payment date to which interest shall
have been paid or made available for payment on the Series II Debentures,
whichever is the later, at the same places in like money at the rate of ten and
sixty one hundredths per cent. (10.60%) per annum, half-yearly on June 20 and
December 20 in each year, commencing with June 20, 1989, with overdue interest,
if any, to bear interest at the same rate.
As the interest matures, the Bank (except in case of payment at maturity,
in which case payment of interest may, at the option of the Bank, be made upon
surrender of this Debenture) shall forward to the registered address of the
holder hereof by prepaid mail a cheque for such interest drawn on the Bank and
payable at any branch in Canada of the Bank at the holder's option.
This Debenture is one of the Debentures of the Bank issued or issuable in
one or more series under the provisions of a trust indenture (which indenture
together with all
8
instruments, supplemental or ancillary thereto is herein referred to as the
"Trust Indenture") dated as of February 1, 1978 between the Bank and The Royal
Trust Company, as trustee (the "Trustee"). The 10.60% Exchangeable Debentures,
Series 11, due 1998 (herein sometimes referred to as the "Series 11
Debentures"), of which this is one, are limited to an aggregate principal amount
of $150,000,000 in lawful money of Canada and mature on December 20, 1998.
The Series 11 Debentures are direct unsecured obligations of the Bank and
rank equally and rateably with all debentures of the Bank from time to time
issued and outstanding under the Trust Indenture, the Trust Indenture dated as
of April 26, 1984 and the Trust Indenture dated as of July 23, 1986
(collectively, the "Indentures"). The Indentures provide that in the event of
the insolvency or winding-up of the Bank, the indebtedness evidenced by all
debentures issued thereunder, including the Series 11 Debentures, will be
subordinate in right of payment to the prior payment in full of the deposit
liabilities of the Bank except liabilities which by their terms rank in right of
payment equally with or subordinate to indebtedness evidenced by all such
debentures. Reference is made to the Trust Indenture for a further statement; of
the rights of the holders of Series 11 Debentures, of the Bank and of the
Trustee and the terms and conditions upon which the Series 11 Debentures are
issued and held, to all of which the holder of this Debenture, by acceptance
hereof, assents.
The Series 11 Debentures may not be redeemed for any purpose prior to
maturity.
After December 20, 1993, the Bank may purchase the Series 11 Debentures in
the market or by tender or by private contract at any price.
This Series 11 Debenture is exchangeable, at the holder's option, on
December 20, 1993; without charge, for an equal principal amount of 10.85%
Debentures, Series 12, due 2008 of the Bank (the "Series 12 Debentures"). The
holder of this Series 11 Debenture may exercise this right of exchange by
completing the form of Exercise of Right of Exchange on the reverse hereof and
delivering this Series 11 Debenture to the Trustee at its principal office in
any of the cities of Halifax, Montreal, Toronto, Winnipeg, Xxxxxx, Calgary or
Vancouver during the period from October 15, 1993 to December 19, 1993. Exercise
of the right of exchange is irrevocable. Such holder will receive after December
20, 1993 an equal principal amount of Series 12 Debentures.
The Trust Indenture provides, among other things, for: (a) the exchange of
this Series 11 Debenture at the option of the holder for other Series 11
Debentures in other authorized denominations in equal aggregate principal
amount; (b) the acceleration of the maturity of this Series 11 Debenture in the
case of an event of default (provided that the principal amount of this Series
11 Debenture shall in no event be payable before December 20, 1993); and (c) the
holding of meetings of Debentureholders and for making binding on all
Debentureholders certain decisions taken thereat.
9
This Series 11 Debenture shall be transferable at the principal offices of
the Trustee in any of the cities of Halifax, Montreal, Toronto, Winnipeg,
Xxxxxx, Calgary or Vancouver, and at such other places as may be designated from
time to time by the Bank with the approval of the Trustee, and it may be
transferred only by the registered holder hereof or his attorney duly authorized
in writing.
This Series 11 Debenture shall not become obligatory for any purpose until
it shall have been certified by or on behalf of the Trustee.
IN WITNESS WHEREOF this Series 11 Debenture has been duly executed, the
corporate seal of the Bank affixed hereon and dated December 20, 1988.
BANK OF MONTREAL
By: And:
--------------------------------- -----------------------------------
Chairman Secretary
(Form of Exercise of Right of Exchange)
EXERCISE OF RIGHT OF EXCHANGE
The undersigned, being the holder of this Series 11 Debenture, hereby
elects to exchange this Series 11 Debenture for an equal principal amount of
10.85% Debentures, Series 12, due 2008 of Bank of Montreal on December 20, 1993
and hereby irrevocably surrenders and delivers this Series 11 Debenture to The
Royal Trust Company, as Trustee, for exchange.
Dated _______________ 1993
In the presence of
------------------------------------- ----------------------------------------
Signature
10
(Form of Transfer)
FOR VALUE RECEIVED, the undersigned hereby assign(s) and transfer(s) unto
___________________________________________ the within Debenture, together with
the principal thereof and all accrued interest thereon, hereby irrevocably
constituting and appointing
________________________________________________________________________________
attorney to transfer the said Debenture on the register maintained for that
purpose with full power of substitution in the premises:
Dated _______________ 19__
IN THE PRESENCE OF
------------------------------------- ----------------------------------------
Signature
(Form of Trustee's Certificate)
TRUSTEE'S CERTIFICATE
This Debenture is one of the Series 11 Debentures issued under the Trust
Indenture within mentioned.
THE ROYAL TRUST COMPANY
TRUSTEE
By:
------------------------------------
Authorized Officer
00
XXXXXX XXXX
XX XXXXXXXX XX CONSTITUE PAS UN DEPOT ASSURE TEL QUE
DEFINI PAR LA SOCIETE D'ASSURANCE-DEPOTS DU CANADA
No 11 R _____$
BANQUE DE MONTREAL
(Constituee en Vertu des xxxx du Canada)
DEBENTURE 10.60% ECHANGEABLE, SERIE 11 ECHEANT EN 1998
BANQUE DE MONTREAL (la "Banque"), pour valeur recue, reconnait par les
presentes devoir et promet de payer a ou a ses ayants droit inscrits, le 20
decembre 1998 la somme nominale de
DOLLARS (_______________$)
en monnaie legale du Canada a toute succursale au Canada de la Banque, au choix
du detenteur, et de payer l'interet sur cette somme a compter de la plus tardive
de la date des presentes ou de to derniere date de paiement de l'interet a
laquelle l'interet aura etc paye ou offert en paiement sur les Debentures serie
11, jusqu'a parfait paiement de cette somme, en meme monnaie et aux memes
endroits, au taux xx xxx et soixante centiemes pour cent (10.60%) l'an,
semestriellement to 20 juin et le 20 decembre de chaque annee, a compter du 20
juin 1989, plus l'interet au meme taux sur tout arrerage d'interet, s'il en est.
Selon l'echeancier des interets (sauf lors du paiement a echeance de cette
Debenture, auquel cas le paiement de l'interet pourra, au gre de la Banque, etre
effectue sur remise de la presente Debenture), la Banque expediera par corrier
affranchi a l'adresse inscrite du detenteur de la presente un cheque pour
l'interet alors du tire sur la Banque et encaissable a toute succursale au
Canada de la Banque, au gre du detenteur.
Cette Debenture est l'une des Debentures de la Banque emises ou pouvant
etre emises en une ou plusieurs series en vertu des dispositions d'un acte de
fiducie (cet acte, ainsi que tous les actes supplementaires ou se rattachant a
celui-ci sont ci-appeles l'"acte de fiducie") intervenu en date du 1(cr) fevrier
1978 entre to Banque et la Compagnie Trust Royal (ci-apres appelee le
"fiduciaire") a titre de fiduciaire. Les Debentures 10.60% echangeables, serie
11, echeant en 1998 (ci-apres quelquefois appelees les "Debentures serie 11"),
dont cette Debenture fait partie, sont limitees a une valeur nominale globale de
150 000 000$ en monnaie legale du Canada et viennent a echeance le 20 decembre
1998.
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Les Debentures serie 11 constituent des obligations directes non garanties
de la Banque et prennent rang pari passu aver toutes les autres debentures de la
Banque emises de temps a autre et en cours en vertu de l'acte de fiducie, de
l'acte de fiducie en date du 26 avril 1984 et de l'acte de fiducie en date du 23
juillet 1986 (ci-appeles les "actes de fiducie"). Les actes de fiducie prevoient
qu'en cas d'insolvabilite ou de liquidation de la Banque, la dette constatee par
toutes les debentures emises en vertu desdits actes, y compris les Debentures
serie 11, sera subordnnee quant au droit de paiement au paiement prealable
integral du passif-depots de la Banque sauf des elements du passif qui, de par
leurs modalites, prennent rang egal ou subordonne a la dette constatee par
toutes ces debentures. II y a lieu de se reporter a l'acte de fiducie pour le
detail des droits des detenteurs de Debentures serie 11, ceux de la Banque et du
fiduciaire et pour le detail des modalites et conditions en vertu desquelles les
Debentures serie 11 sont emises et detenues, a l'ensemble desquels le detenteur
de cette Debenture consent par son acceptation des presentes.
Les Debentures serie 11 ne sont pas rachetables a quelque fin que ce soit
avant echeance.
Apres le 20 decembre 1993, la Banque peut acheter des Debentures serie 11
sur le marche, par soumission ou de gre a gre tout prix.
Les Debentures serie 11 sont echangeables, au gre du detenteur, le 20
decembre 1993, sans frais, pour une valeur nominale equivalent de Debentures
10.85%, serie 12, echeant en 2008 de la Banque (les "Debentures serie 12"). Le
detenteur de cette Debenture serie 11 peut exercer ce droit d'echange entre le
15 octobre 1993 et le 19 decembre 1993 en remplissant le formulaire d'exercice
du droit d'echange au verso de la presente et en deposant cette Debenture serie
11 aupres du fiduciaire a l'un ou l'autre de ses bureaux principaux situes a
Halifax, Montreal, Toronto, Winnipeg, Xxxxxx, Calgary ou Vancouver. L'exercice
du droit d'echange est irrevocable. Ce detenteur recevra apres le 20 decembre
1993 unc valeur nominate equivalente de Debentures serie 12.
L'acte de fiducie prevoit, entre autres: (a) l'echange de cette Debenture
serie 11, au gre du detenteur, contre d'autres Debentures serie 11 sous d'autres
coupures autorisees d'une valeur nominale globale equivalente, (b) la decheance
du terme de cette Debenture serie 11 en cas de defaut (pourvu que la valeur
nominate de cette Debenture serie 11 ne soit en aucun cas payable avant le 20
decembre 1993) et (c) la tenue d'assemblees des detenteurs des Debentures et
l'assujettissement de tous les detenteurs des Debentures a certaines decisions
prises a ces assemblees.
Cette Debenture serie 11 sera transferable a l'un ou l'autre des bureaux
principaux du fiduciaire situes a Halifax, Montreal, Toronto, Winnipeg, Calgary
ou Vancouver, ou a tels autres endroits que la Banque pourra designer avec
l'approbation du fiduciaire, et
13
elle ne pourra etre transferee que par son detenteur inscrit ou son fonde de
pouvoir dument autorise par ecrit.
Cette Debenture serie 11 ne prendra plein effet qu'apres avoir ete attestee
par le fiduciaire ou en son nom.
EN FOI DE QUOI, cette Debenture serie 11 a ete dument signee et le sceau de
la Banque y a ete appose en date du 20 decembre 1988.
BANQUE DE MONTREAL
Par: et:
-------------------------------- ------------------------------------
President du conseil Secretaire
(Form of Exercise of Right of Exchange)
EXERCICE DU DROIT DECHANGE
Le(s) soussigne(s), detenteur(s) de cette Debenture serie 11, choisit
(choisissent) par les presentes d'echanger cette Debenture serie 11 pour une
valeur nominale equivalente de Debentures 10.85%, serie 12, echeant en 2008 de
Banque de Montreal le 20 decembre 1993 et remet(tent) et depose(nt)
irrevocablement par les presentes cette Debenture serie 11 a la Compagnie Trust
Royal, a titre de fiduciaire, aux fins d'echange.
Date _________ 1993
En presence de
------------------------------------- ----------------------------------------
Signature
14
(Form of Transfer)
POUR VALEUR RECUE, le(s) soussigne(s) cede(nt) et transfere(nt) pas les
presentes a
________________________________________________________________________________
la presente Debenture ainsi que le capital d'icelle et l'interet couru sur
icelle, constituant et nommant irrevocablement
________________________________________________________________________________
fonde de pouvoir, avec plein droit de delegation des pouvoirs conferes, aux
fins de transferer ladite Debenture dans les registres tenus a cette fin.
Date __________ 19__
En prdsence de
------------------------------------- ----------------------------------------
Signature
(Form of Trustee's Certificate)
ATTESTATION DU FIDUCIAIRE
Cette Debenture est une des debentures serie 11 emises en vertu de l'acte
de fiducie ci-mentionne.
COMPAGNIE TRUST ROYAL
FIDUCIAIRE
Par:
-----------------------------------
Officier autorise
15
ARTICLE EIGHT
FORM OF SERIES 12 DEBENTURES
SECTION 8.01. Form of Series 12 Debentures. The following is the form of
Series 12 Debentures referred to in section 5.02:
ENGLISH TEXT
THIS IS NOT A DEPOSIT INSURED UNDER THE CANADA DEPOSIT
INSURANCE CORPORATION ACT
No. 12 R $_____
BANK OF MONTREAL
(Incorporated under the laws of Canada)
10.85% DEBENTURE, SERIES 12, DUE 2008
BANK OF MONTREAL (the "BANK"), for value received, hereby acknowledges
itself indebted and promises to pay to ___________________________ or registered
assigns on December 20, 2008 the principal sum of DOLLARS ($___________________)
in lawful money of Canada at any branch in Canada of the Bank at the holder's
option and until payment of the said principal sum to pay interest thereon from
the date hereof, or from the last interest payment date to which interest shall
have been paid or made available for payment on the Series 12 Debentures,
whichever is the later, at the same places in like money at the rate of ten and
eighty-five one hundredths per cent. (10.85%) per annum, half-yearly on June 20
and December 20 in each year, commencing with June 20, 1994, with overdue
interest, if any, to bear interest at the same rate.
As the interest matures, the Bank (except in case of payment at maturity,
in which case payment of interest may, at the option of the Bank, be made upon
surrender of this Debenture) shall forward to the registered address of the
holder hereof by prepaid mail a cheque for such interest drawn on the Bank and
payable at any branch in Canada of the Bank at the holder's option.
This Debenture is one of the Debentures of the Bank issued or issuable in
one or more series under the provisions of a trust indenture (which indenture
together with all instruments supplemental or ancillary thereto is herein
referred to as the "Trust
16
Indenture") dated as of February 1, 1978 between the Bank and The Royal Trust
Company, as Trustee (the "Trustee"). The 10.85% Debentures, Series 12, due 2008
(herein sometimes referred to as the "Series 12 Debentures"), of which this is
one, are issuable only in exchange for an equal principal amount of 10.60%
Debentures, Series 11, due 1998 of the Bank, are limited to an aggregate
principal amount of $150,000,000 in lawful money of Canada and mature on
December 20, 2008.
The Series 12 Debentures are direct unsecured obligations of the Bank and
rank equally and rateably with all debentures of the Bank from time to time
issued and outstanding under the Trust Indenture, the Trust Indenture dated as
of April 26, 1984 and the Trust Indenture dated as of July 23, 1986
(collectively, the "Indentures"). The Indentures provide that in the event of
the insolvency or winding-up of the Bank, the indebtedness evidenced by all
debentures issued thereunder, including the Series 12 Debentures, will be
subordinate in right of payment to the prior payment in full of the deposit
liabilities of the Bank except liabilities which by their terms rank in right of
payment equally with or subordinate to indebtedness evidenced by all such
debentures. Reference is made to the Trust Indenture for a further statement of
the rights of the holders of Series 12 Debentures, of the Bank and of the
Trustee and the terms and conditions upon which the Series 12 Debentures are
issued and held, to all of which the holder of this Debenture, by acceptance
hereof, assents.
The Series 12 Debentures are not redeemable for any purpose prior to
December 20, 1998. On and after December 20, 1998, the Series 12 Debentures may
be redeemed, at the option of the Bank in whole at any time or in part from time
to time, on not less than 30 nor more than 60 days, prior notice, all as
provided in the Trust Indenture, at the higher of the "Canada Yield Price" (as
defined in the Trust Indenture) and 100% of the principal amount thereof plus
accrued and unpaid interest to the date fixed for redemption.
On and after December 20, 1998, the Bank may purchase the Series 12
Debentures in the market or by tender or by private contract at any price.
The Trust Indenture provides, among other things, for: (a) the exchange of
this Series 12 Debenture at the option of the holder for other Series 12
Debentures in other authorized denominations in equal aggregate principal
amount; (b) the acceleration of the maturity of this Series 12 Debenture in the
case of an event of default (provided that the principal amount of this Series
12 Debenture shall in no event be payable before December 20, 1998); and (c)
the holding of meetings of Debentureholders and for making binding on all
Debentureholders certain decisions taken thereat.
This Series 12 Debenture shall be transferable at the principal offices of
the Trustee in any of the cities of Halifax, Montreal, Toronto, Winnipeg,
Xxxxxx, Calgary or Vancouver, and at such other places as may be designated from
time to time by the
17
Bank with the approval of the Trustee, and it may be transferred only by the
registered holder hereof or his attorney duly authorized in writing.
This Series 12 DEBENTURE SHALL not become obligatory for any purpose until
it shall have been certified by or on behalf of the Trustee.
IN WITNESS WHEREOF this Series 11 Debenture has been duly executed, the
corporate seal of the Bank affixed hereon and dated December 20, 1993.
BANK OF MONTREAL
By: And:
--------------------------------- -----------------------------------
Chairman Secretary
18
(Xxxxx of Transfer)
FOR VALUE RECEIVED, the undersigned hereby assign(s) and transfer(s) Unto
________________________________ the within Debenture, together with the
principal thereof and all accrued interest thereon, hereby irrevocably
constituting and appointing
________________________________________________________________________________
attorney to transfer the said Debenture on the register maintained for that
purpose with full power of substitution in the premises :
Dated ____________ 19__
In the presence of
------------------------------------- ----------------------------------------
Signature
(Form of Trustee's Certificate)
TRUSTEE'S CERTIFICATE
This Debenture is one of the Series 12 Debentures issued under the Trust
Indenture within mentioned.
THE ROYAL TRUST COMPANY
TRUSTEE
By:
------------------------------------
Authorized Officer
00
XXXXXX XXXX
XX XXXXXXXX XX CONSTITUE PAS UN DEPOT ASSURE TEL QUE
DEFINI PAR LA SOCIETE D'ASSURANCE-DEPOTS DU CANADA
No 12 R _____$
BANQUE DE MONTREAL
(Constituee en vertu des xxxx du Canada)
DEBENTURE 10.85%, SERIE 12 ECHEANT EN 2008
BANQUE DE MONTREAL (la "Banque"), pour valeur recue, reconnait par les
presentes devoir et promet de payer a ________________________________________
ou a ses ayants droit inscrits, le 20 decembre 2008 la somme nominale de
_____________________________________________________ DOLLARS (_______________$)
en monnaie legale du Canada a toute succursale au Canada de la Banque, au choix
du detenteur, et de payer l'interet sur cette somme a compter de la plus tardive
de la date des presentes ou de la derniere date de paiement de l'interet a
laquelle l'interet aura ete paye ou offert en paiement sur les Debentures serie
12, jusqu'a parfait paiement de cette somme, en meme monnaie et aux memes
endroits, au taux xx xxx et quatre-vingt-cinq centiemes pour cent (10.85%) l'an,
semestriellement le 20 juin et le 20 decembre de chaque annee, a compter du 20
juin 1994, plus l'interet au meme taux sur tout arrerage d'interet, s'il en est.
Selon l'echeancier des interets (sauf lors du paiement a echeance de cette
Debenture, auquel cas le paiement de l'interet pourra, au gre de la Banque,
etre effectue sur remise de la presente Debenture), la Banque expediera par
courrier affranchi a l'adresse inscrite du detenteur de la presente un cheque
pour l'interet alors du tire sur la Banque et encaissable a toute succursale au
Canada de la Banque, au gre du detenteur.
Cette Debenture est l'une des Debentures de la Banque emises ou pouvant
etre emises en une ou plusieurs series en vertu des dispositions d'un acte de
fiducie (cet acte, ainsi que tous les actes supplementaires ou se rattachant a
celui-ci, sont ci-appeles l'"acte de fiducie") intervenu en date du 1er fevrier
1978 entre la Banque et la Compagnie Trust Royal (ci-apres appelee le
"fiduciaire") a titre de fiduciaire. Les Debentures 10.85%, serie 12, echeant en
2008 (ci-apres quelquefois appelees les "Debentures serie 12"), dont cette
Debenture fait partie, no peuvent etre emises qu'en echange d'une valeur
nominale equivalente de Debentures 10.60% serie 11, echeant en 1998 de la
Banque, sont limitees a une valeur nominale globale de 150000000$ en monnaie
legale du Canada et viennent a echeance le 20 decembre 2008.
20
Les Debentures serie 12 constituent des obligations directes non
garanties de la Banque et prennent rang pari passu avec toutes les autres
debentures de la Banque emises de temps a autre et en cours en vertu de l'acte
de fiducie, de l'acte de fiducie en date du 26 avril 1984 et de l'acte de
fiducie en date du 23 juillet 1986 (ci-appeles les "actes de fiducie"). Les
actes de fiducie prevoient qu'en cas d'insolvabilite ou de liquidation de la
Banque, la dette constatee par toutes les debentures emises en vertu desdits
actes, y compris les Debentures serie 12, sera subordonnee quant au droit de
paiement au paiement prealable integral du passif-depots de la. Banque sauf des
elements du passif qui, de par leurs modalites, prennent rang egal ou subordonne
a la dette constatee par toutes ces debentures. II y a lieu de se reporter a
l'acte de fiducie pour le detail des droits des detenteurs de Debentures serie
12, ceux de la Banque et du fiduciaire et pour le detail des modalites et
conditions en vertu desquelles les Debentures serie 12 sont emises et detenues,
a l'ensemble desquels le detenteur de cette Debenture consent par son
acceptation des presentes.
Les Debentures serie 12 ne sont pas rachetables a quelque fin que ce soit
avant le 20 decembre 1998. Le 20 decembre 1998 ou apres cette date, les
Debentures serie 12 peuvent etre rachetees au gre de la Banque en totalite a
tout moment ou en partie de temps a autre, sur avis prealable d'au moins trente
(30) jours et d'au plus soixante (60) jours, comme le prevoit l'acte de fiducie,
au plus eleve des montants suivants, a savoir le prix base sur le rendement des
obligations du gouvernement du Canada (comme il est defini a l'acte de fiducie)
et le pair, plus les interets courus et impayes a la date fixee pour le rachat.
A compter du 20 decembre 1998, la Banque peut acheter des Debentures serie
12 sur le marche, par soumission ou de gre a gre a tout prix.
L'acte de fiducie prevoit, entre autres: (a) l'echange de cette Debenture
serie 12, au gre du detenteur, contre d'autres Debentures serie 12 sous d'autres
coupures autorisees d'une valeur nominale globale equivalente, (b) la decheance
du terme de cette Debenture serie 12 en cas de defaut (pourvu que la valeur
nominale de cette Debenture serie 12 ne soit en aucun cas payable avant le 20
decembre 1998) et (c) la tenue d'assemblees des detenteurs des Debentures et
l'assujettissement de tous les detenteurs des Debentures a certaines decisions
prises a ces assemblees.
Cette Debenture serie 12 sera transferable a l'un ou I'autre des bureaux
principaux du fiduciaire situes a Halifax, Montreal, Toronto, Winnipeg, Calgary
ou Vancouver, ou a tels autres endroits que la Banque pourra designer avec
l'approbation du fiduciaire, et elle ne pourra etre transferee que par son
detenteur inscrit ou son fonde de pouvoir dument autorise par ecrit.
Cette Debenture serie 12 ne prendra plein effet qu'apres avoir ete attestee
par le fiduciaire ou en son nom.
21
EN FOI DE QUOI, cette Debenture serie 12 a ete dument signee et le sceau
de la Banque y a ete appose en date du 20 decembre 1993.
BANQUE DE MONTREAL
Par: et:
-------------------------------- ------------------------------------
President du conseil Secretaire
(Form of Transfer)
POUR VALEUR RECUE, le(s) soussigne(s) cede(nt) et transfere(nt) par les
presentes a ____________________________________________________________________
la presente debenture ainsi que le capital d'icelle et l'interet couru sur
icelle, constituant et nommant irrevocablement _________________________________
fonde de pouvoir, avec plein droit de delegation des pouvoirs conferes, aux fins
de transferer ladite Debenture dans les registres tenus a cette fin.
Date ____________ 19__
En presence de
------------------------------------- ----------------------------------------
Signature
22
(Form of Trustee's Certificate)
ATTESTATION DU FIDUCIAIRE
Cette Debenture est une des Debentures serie 12 emises en vertu de l'acte
de fiducie ci-mentionne.
COMPAGNIE TRUST ROYAL
FIDUCIAIRE
Par:
-----------------------------------
Officier autorise
23
ARTICLE NINE
EXECUTION
SECTION 9.01. Acceptance of Trust. The Trustee hereby accepts the trusts
in this Ninth Supplemental Trust Indenture declared and provided for and agrees
to perform the same upon the terms and conditions and subject to the provisions
herein and in the Original Trust Indenture set forth.
SECTION 9.02. Counterparts and Formal date. This Ninth Supplemental Trust
Indenture may be executed in several counterparts, each of which so executed
shall be deemed to be an original, and such counterparts together shall
constitute one and the same instrument and notwithstanding their date of
execution shall be deemed to bear date as of December 20, 1988.
IN WITNESS WHEREOF the parties hereto have declared that, except as
specifically provided herein, they have required that these presents and all
other documents related hereto be in the English language and have executed
these presents under their respective corporate seals and the hands of their
proper officers in that behalf.
BANK OF MONTREAL -- BANQUE DE MONTREAL
By: /s/ Illegible
---------------------------------
VICE-PRESIDENT
And: /s/ Illegible
--------------------------------
Assistant Secretary
THE ROYAL TRUST COMPANY -- COMPAGNIE TRUST ROYAL
By: /s/ Illegible
---------------------------------
And: /s/ Illegible
--------------------------------
24
