Amended & Restated Deed of Trust

EXHIBIT 10.47


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AMENDED AND RESTATED DECLARATION
OF TRUST


by and among


STATE STREET BANK AND TRUST COMPANY
OF CONNECTICUT, NATIONAL ASSOCIATION,
as Institutional Trustee,


ALABAMA NATIONAL BANCORPORATION,
as Sponsor,


and
WILLIAM E. MATTHEWS, V, JOHN H. HOLCOMB, III and
RICHARD MURRAY, IV
as Administrators,


Dated as of December 18, 2001


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TABLE OF CONTENTS
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Page
---- ARTICLE I INTERPRETATION AND DEFINITIONS..................................................................... 1
Section 1.1. Definitions....................................................................... 1
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ARTICLE II ORGANIZATION...................................................................................... 7
Section 2.1. Name.............................................................................. 7
----
Section 2.2. Office............................................................................ 7
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Section 2.3. Purpose........................................................................... 7
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Section 2.4. Authority......................................................................... 7
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Section 2.5. Title to Property of the Trust.................................................... 7
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Section 2.6. Powers and Duties of the Institutional Trustee and the Administrators............. 8
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Section 2.7. Prohibition of Actions by the Trust and the Institutional Trustee................. 11
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Section 2.8. Powers and Duties of the Institutional Trustee.................................... 12
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Section 2.9. Certain Duties and Responsibilities of the Institutional Trustee and
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Administrators.................................................................... 13
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Section 2.10. Certain Rights of Institutional Trustee........................................... 14
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Section 2.11. Execution of Documents............................................................ 16
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Section 2.12. Not Responsible for Recitals or Issuance of Securities............................ 16
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Section 2.13. Duration of Trust................................................................. 16
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Section 2.14. Mergers........................................................................... 16
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ARTICLE III SPONSOR.......................................................................................... 18
Section 3.1. Sponsor's Purchase of Common Securities........................................... 18
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Section 3.2. Responsibilities of the Sponsor................................................... 18
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Section 3.3. Expenses.......................................................................... 18
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Section 3.4. Right to Proceed.................................................................. 19
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ARTICLE IV INSTITUTIONAL TRUSTEE AND ADMINISTRATORS.......................................................... 19
Section 4.1. Institutional Trustee; Eligibility................................................ 19
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Section 4.2. Administrators.................................................................... 19
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Section 4.3. Appointment, Removal and Resignation of Institutional Trustee and
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Administrators.................................................................... 20
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Section 4.4. Institutional Trustee Vacancies................................................... 21
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Section 4.5. Effect of Vacancies............................................................... 21
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Section 4.6. Meetings of the Institutional Trustee and the Administrators...................... 21
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Section 4.7. Delegation of Power............................................................... 22
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Section 4.8. Conversion, Consolidation or Succession to Business............................... 22
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ARTICLE V DISTRIBUTIONS...................................................................................... 22
Section 5.1. Distributions..................................................................... 22
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ARTICLE VI ISSUANCE OF SECURITIES............................................................................ 22
Section 6.1. General Provisions Regarding Securities........................................... 22
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Section 6.2. Paying Agent, Transfer Agent and Registrar........................................ 23
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Section 6.3. Form and Dating................................................................... 23
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Section 6.4. Mutilated, Destroyed, Lost or Stolen Certificates................................. 24
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Section 6.5. Temporary Securities.............................................................. 24
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Section 6.6. Cancellation...................................................................... 24
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Section 6.7. Rights of Holders; Waivers of Past Defaults....................................... 24
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ARTICLE VII DISSOLUTION AND TERMINATION OF TRUST............................................................. 26
Section 7.1. Dissolution and Termination of Trust.............................................. 26
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ARTICLE VIII TRANSFER OF INTERESTS........................................................................... 27
Section 8.1. General........................................................................... 27
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Section 8.2. Transfer Procedures and Restrictions.............................................. 28
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Section 8.3. Deemed Security Holders........................................................... 29
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ARTICLE IX LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, INSTITUTIONAL TRUSTEE OR OTHERS................. 30
Section 9.1. Liability......................................................................... 30
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Section 9.2. Exculpation....................................................................... 30
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Section 9.3. Fiduciary Duty.................................................................... 31
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Section 9.4. Indemnification................................................................... 31
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Section 9.5. Outside Businesses................................................................ 33
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Section 9.6. Compensation; Fee................................................................. 33
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ARTICLE X ACCOUNTING......................................................................................... 34
Section 10.1. Fiscal Year....................................................................... 34
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Section 10.2. Certain Accounting Matters........................................................ 34
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Section 10.3. Banking........................................................................... 34
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Section 10.4. Withholding....................................................................... 34
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ARTICLE XI AMENDMENTS AND MEETINGS........................................................................... 35
Section 11.1. Amendments........................................................................ 35
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Section 11.2. Meetings of the Holders of Securities; Action by Written Consent.................. 36
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ARTICLE XII REPRESENTATIONS OF INSTITUTIONAL TRUSTEE......................................................... 37
Section 12.1. Representations and Warranties of Institutional Trustee........................... 37
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ARTICLE XIII MISCELLANEOUS................................................................................... 38
Section 13.1. Notices........................................................................... 38
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Section 13.2. Governing Law..................................................................... 39
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Section 13.3. Intention of the Parties.......................................................... 39
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Section 13.4. Headings.......................................................................... 39
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Section 13.5. Successors and Assigns............................................................ 39
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Section 13.6. Partial Enforceability............................................................ 39
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Section 13.7. Counterparts...................................................................... 39
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Annex I.................. Terms of Securities Exhibit A-1.............. Form of Capital Security Certificate Exhibit A-2.............. Form of Common Security Certificate Exhibit B................ Specimen of Initial Debenture Exhibit C................ Placement Agreement


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AMENDED AND RESTATED


DECLARATION OF TRUST


OF


ALABAMA NATIONAL STATUTORY TRUST I


December 18, 2001


AMENDED AND RESTATED DECLARATION OF TRUST ("Declaration") dated and
----------- effective as of December 18, 2001, by the Institutional Trustee (as defined herein), the Administrators (as defined herein), the Sponsor (as defined herein) and by the holders, from time to time, of undivided beneficial interests in the Trust (as defined herein) to be issued pursuant to this Declaration;


WHEREAS, the Institutional Trustee, the Administrators and the Sponsor established Alabama National Statutory Trust I (the "Trust"), a statutory trust
----- under the Statutory Trust Act (as defined herein) pursuant to a Declaration of Trust dated as of November 8, 2001 (the "Original Declaration"), and a Certificate of Trust filed with the Secretary of State of the State of Connecticut on November 13, 2001, for the sole purpose of issuing and selling certain securities representing undivided beneficial interests in the assets of the Trust and investing the proceeds thereof in certain debentures of the Debenture Issuer (as defined herein);


WHEREAS, as of the date hereof, no interests in the Trust have been issued; and


WHEREAS, the Institutional Trustee, the Administrators and the Sponsor, by this Declaration, amend and restate each and every term and provision of the Original Declaration;


NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a statutory trust under the Statutory Trust Act and that this Declaration constitutes the governing instrument of such statutory trust, the Institutional Trustee declares that all assets contributed to the Trust will be held in trust for the benefit of the holders, from time to time, of the securities representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to the provisions of this Declaration. The parties hereto hereby agree as follows:


ARTICLE I


INTERPRETATION AND DEFINITIONS


Section 1.1 Definitions. Unless the context otherwise requires:
-----------


(a) Capitalized terms used in this Declaration but not defined in the preamble above have the respective meanings assigned to them in this Section 1.1;


(b) a term defined anywhere in this Declaration has the same meaning throughout;


(c) all references to "the Declaration" or "this Declaration" are to this Declaration as modified, supplemented or amended from time to time;


(d) all references in this Declaration to Articles and Sections and Annexes and Exhibits are to Articles and Sections of and Annexes and Exhibits to this Declaration unless otherwise specified; and


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(e) a reference to the singular includes the plural and vice versa.


"Additional Interest" has the meaning set forth in the Indenture.
-------------------


"Administrative Action" has the meaning set forth in paragraph 4(a) of
--------------------- Annex I.


"Administrators" means each of William E. Matthews, V, John H. Holcomb, III
-------------- and Richard Murray, IV, solely in such Person's capacity as Administrator of the Trust created and continued hereunder and not in such Person's individual capacity, or such Administrator's successor in interest in such capacity, or any successor appointed as herein provided.


"Affiliate" has the same meaning as given to that term in Rule 405 of the
--------- Securities Act or any successor rule thereunder.


"Authorized Officer" of a Person means any Person that is authorized to
------------------ bind such Person.


"Bankruptcy Event" means, with respect to any Person:
----------------


(a) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of such Person in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of such Person or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or


(b) such Person shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of such Person of any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due.


"Business Day" means any day other than Saturday, Sunday or any other day
------------ on which banking institutions in New York City or Hartford, Connecticut are permitted or required by any applicable law to close.


"Capital Securities" has the meaning set forth in paragraph 1(a) of Annex
------------------ I.


"Capital Security Certificate" means a definitive Certificate in fully
---------------------------- registered form representing a Capital Security substantially in the form of Exhibit A-1.


"Capital Treatment Event" has the meaning set forth in paragraph 4(a) of
----------------------- Annex I.


"Certificate" means any certificate evidencing Securities.
-----------


"Closing Date" has the meaning set forth in the Placement Agreement.
------------


"Code" means the Internal Revenue Code of 1986, as amended from time to
---- time, or any successor legislation.


"Common Securities" has the meaning set forth in paragraph 1(b) of Annex I.
-----------------


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"Common Security Certificate" means a definitive Certificate in fully
--------------------------- registered form representing a Common Security substantially in the form of Exhibit A-2.


"Company Indemnified Person" means (a) any Administrator; (b) any Affiliate
-------------------------- of any Administrator; (c) any officers, directors, shareholders, members, partners, employees, representatives or agents of any Administrator; or (d) any officer, employee or agent of the Trust or its Affiliates.


"Corporate Trust Office" means the office of the Institutional Trustee at
---------------------- which the corporate trust business of the Institutional Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Declaration is located at 225 Asylum Street, Goodwin Square, Hartford, Connecticut.


"Coupon Rate" has the meaning set forth in paragraph 2(a) of Annex I.
-----------


"Covered Person" means: (a) any Administrator, officer, director,
-------------- shareholder, partner, member, representative, employee or agent of (i) the Trust or (ii) any of the Trust's Affiliates; and (b) any Holder of Securities.


"Creditor" has the meaning set forth in Section 3.3.
--------


"Debenture Issuer" means Alabama National BanCorporation, a Delaware
---------------- corporation, in its capacity as issuer of the Debentures under the Indenture.


"Debenture Trustee" means State Street Bank and Trust Company of
----------------- Connecticut, National Association, as trustee under the Indenture until a successor is appointed thereunder, and thereafter means such successor trustee.


"Debentures" means the Floating Rate Junior Subordinated Deferrable
---------- Interest Debentures due 2031 to be issued by the Debenture Issuer under the Indenture.


"Defaulted Interest" has the meaning set forth in the Indenture.
------------------


"Determination Date" has the meaning set forth in paragraph 4(a) of Annex
------------------ I.


"Direct Action" has the meaning set forth in Section 2.8(d).
-------------


"Distribution" means a distribution payable to Holders of Securities in
------------ accordance with Section 5.1.


"Distribution Payment Date" has the meaning set forth in paragraph 2(b) of
------------------------- Annex I.


"Distribution Period" has the meaning set forth in paragraph 2(a) of Annex
------------------- I.


"Distribution Rate" means, for the period beginning on (and including) the
----------------- date of original issuance and ending on (but excluding) March 18, 2002, 5.60%, and for the period beginning on (and including) March 18, 2002 and thereafter, the Coupon Rate.


"Event of Default" means any one of the following events (whatever the
---------------- reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):


(a) the occurrence of an Indenture Event of Default; or


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(b) default by the Trust in the payment of any Redemption Price of any Security when it becomes due and payable; or


(c) default in the performance, or breach, in any material respect, of any covenant or warranty of the Institutional Trustee in this Declaration (other than those specified in clause (a) or (b) above) and continuation of such default or breach for a period of 60 days after there has been given, by registered or certified mail to the Institutional Trustee and to the Sponsor by the Holders of at least 25% in aggregate liquidation amount of the outstanding Capital Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; or


(d) the occurrence of a Bankruptcy Event with respect to the Institutional Trustee if a successor Institutional Trustee has not been appointed within 90 days thereof.


"Extension Period" has the meaning set forth in paragraph 2(b) of Annex I.
----------------


"Federal Reserve" has the meaning set forth in paragraph 3 of Annex I.
---------------


"Fiduciary Indemnified Person" shall mean the Institutional Trustee, any
---------------------------- Affiliate of the Institutional Trustee and any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Institutional Trustee.


"Fiscal Year" has the meaning set forth in Section 10.1.
-----------


"Guarantee" means the guarantee agreement to be dated as of the Closing
--------- Date, of the Sponsor in respect of the Capital Securities.


"Holder" means a Person in whose name a Certificate representing a Security
------ is registered, such Person being a beneficial owner within the meaning of the Statutory Trust Act.


"Indemnified Person" means a Company Indemnified Person or a Fiduciary
------------------ Indemnified Person.


"Indenture" means the Indenture dated as of the Closing Date, between the
--------- Debenture Issuer and the Debenture Trustee, and any indenture supplemental thereto pursuant to which the Debentures are to be issued, as such Indenture and any supplemental indenture may be amended, supplemented or otherwise modified from time to time.


"Indenture Event of Default" means an "Event of Default" as defined in the
-------------------------- Indenture.


"Institutional Trustee" means the Trustee meeting the eligibility
--------------------- requirements set forth in Section 4.1.


"Interest" means any interest due on the Debentures including any
-------- Additional Interest and Defaulted Interest.


"Investment Company" means an investment company as defined in the
------------------ Investment Company Act.


"Investment Company Act" means the Investment Company Act of 1940, as
---------------------- amended from time to time, or any successor legislation.


"Investment Company Event" has the meaning set forth in paragraph 4(a) of
------------------------ Annex I.


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"Liquidation" has the meaning set forth in paragraph 3 of Annex I.
-----------


"Liquidation Distribution" has the meaning set forth in paragraph 3 of
------------------------ Annex I.


"Majority in liquidation amount of the Securities" means Holder(s) of
------------------------------------------------ outstanding Securities voting together as a single class or, as the context may require, Holders of outstanding Capital Securities or Holders of outstanding Common Securities voting separately as a class, who are the record owners of more than 50% of the aggregate liquidation amount (including the stated amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class.


"Maturity Date" has the meaning set forth in paragraph 4(a) of Annex I.
-------------


"Officers' Certificates" means, with respect to any Person, a certificate
---------------------- signed by two Authorized Officers of such Person. Any Officers' Certificate delivered with respect to c ...