<PAGE>


                                                                     EXHIBIT 4.5









                    PREFERRED SECURITIES GUARANTEE AGREEMENT


                                 BY AND BETWEEN



                             INDEPENDENT BANK CORP.


                                       AND


                              THE BANK OF NEW YORK




                          DATED AS OF DECEMBER 11, 2001
<PAGE>


                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page No.
<S>                                                                                                           <C>
Article I DEFINITIONS AND INTERPRETATION.....................................................................    1
         1.1        Definitions and Interpretation...........................................................    1
Article II TRUST INDENTURE ACT...............................................................................    5
         2.1        Trust Indenture Act; Application.........................................................    5
         2.2        Lists of Holders of Securities...........................................................    5
         2.3        Reports by the Guarantee Trustee.........................................................    5
         2.4        Periodic Reports to Guarantee Trustee....................................................    6
         2.5        Evidence of Compliance with Conditions Precedent.........................................    6
         2.6        Events of Default; Waiver................................................................    6
         2.7        Event of Default; Notice.................................................................    6
Article III POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE...................................................    7
         3.1        Powers and Duties of the Guarantee Trustee...............................................    7
         3.2        Certain Rights of Guarantee Trustee......................................................    9
         3.3        Not Responsible for Recitals or Issuance of Guarantee....................................   11
Article IV GUARANTEE TRUSTEE.................................................................................   11
         4.1        Guarantee Trustee; Eligibility...........................................................   11
         4.2        Appointment, Removal and Resignation of Guarantee Trustee................................   11
Article V GUARANTEE..........................................................................................   12
         5.1        Guarantee................................................................................   12
         5.2        Waiver of Notice and Demand..............................................................   12
         5.3        Obligations not Affected.................................................................   13
         5.4        Rights of Holders........................................................................   14
         5.5        Guarantee of Payment.....................................................................   14
         5.6        Subrogation..............................................................................   14
         5.7        Independent Obligations..................................................................   14
Article VI LIMITATION OF TRANSACTIONS; SUBORDINATION.........................................................   15
         6.1        Limitation of Transactions...............................................................   15
         6.2        Ranking..................................................................................   15
Article VII TERMINATION......................................................................................   15
         7.1        Termination..............................................................................   15
Article VIII INDEMNIFICATION.................................................................................   16
         8.1        Exculpation..............................................................................   16
         8.2        Indemnification..........................................................................   16
Article IX MISCELLANEOUS.....................................................................................   17
         9.1        Successors and Assigns...................................................................   17
         9.2        Amendments...............................................................................   17
         9.3        Notices..................................................................................   17
         9.4        Benefit..................................................................................   18
         9.5        Governing Law............................................................................   18
</TABLE>


                                      -i-

<PAGE>


                              CROSS REFERENCE TABLE


        Section of Trust                         Section of
        Indenture Act of                         Guarantee
        1939, as amended                         Agreement

        310(a)                                   4.1(a)
        310(b)                                   4.1(c), 2.8
        310(c)                                   Not Applicable
        311(a)                                   2.2(b)
        311(b)                                   2.2(b)
        311(c)                                   Not Applicable
        312(a)                                   2.2(a)
        312(b)                                   2.2(b)
        313                                      2.3
        314(a)                                   2.4
        314(b)                                   Not Applicable
        314(c)                                   2.5
        314(d)                                   Not Applicable
        314(e)                                   1.1, 2.5, 3.2
        314(f)                                   2.1, 3.2
        315(a)                                   3.1(d)
        315(b)                                   2.7
        315(c)                                   3.1
        315(d)                                   3.1(d)
        316(a)                                   1.1, 2.6, 5.4
        316(b)                                   5.3
        317(a)                                   3.1
        317(b)                                   Not Applicable
        318(a)                                   2.1(a)
        318(b)                                   2.1
        318(c)                                   2.1(b)

        Note: This Cross-Reference Table does not constitute part of this
        Agreement and shall not affect the interpretation of any of its terms
        or provisions.


                                      -ii-


<PAGE>


                    PREFERRED SECURITIES GUARANTEE AGREEMENT

     This PREFERRED SECURITIES GUARANTEE AGREEMENT (this "Preferred Securities
Guarantee"), dated as of December 11, 2001, is executed and delivered by
INDEPENDENT BANK CORP., a Massachusetts corporation (the "Guarantor"), and THE
BANK OF NEW YORK, a New York banking corporation (the "Guarantee Trustee"), for
the benefit of the Holders (as defined herein) from time to time of the
Preferred Securities (as defined herein) of Independent Capital Trust III, a
Delaware statutory business trust (the "Trust").

                                    RECITALS

     WHEREAS, pursuant to an Amended and Restated Declaration of Trust (the
"Trust Agreement"), dated as of December 11, 2001, among the trustees of the
Trust named therein and the Guarantor, as sponsor, the Trust is issuing on the
date hereof up to 1,000,000 preferred securities, having an aggregate
Liquidation Amount of up to $25,000,000 designated the 8.625% Cumulative Trust
Preferred Securities;

     WHEREAS, as incentive for the Holders to purchase the Preferred Securities,
the Guarantor desires irrevocably and unconditionally to agree, to the extent
set forth in this Preferred Securities Guarantee, to pay to the Holders of the
Preferred Securities the Guarantee Payments (as defined herein) and to make
certain other payments on the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the purchase by each Holder of
Preferred Securities, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Preferred Securities
Guarantee for the benefit of the Holders.


                                   ARTICLE I

                         DEFINITIONS AND INTERPRETATION

     1.1 DEFINITIONS AND INTERPRETATION.

     In this Preferred Securities Guarantee, unless the context otherwise
requires:

          (a) capitalized terms used in this Preferred Securities Guarantee but
     not defined in the preamble above have the respective meanings assigned to
     them in this Section 1.1;

          (b) terms defined in the Trust Agreement as at the date of execution
     of this Preferred Securities Guarantee have the same meaning when used in
     this Preferred Securities Guarantee, unless otherwise defined in this
     Preferred Securities Guarantee;


                                       -1-
<PAGE>


          (c) a term defined anywhere in this Preferred Securities Guarantee has
     the same meaning throughout;

          (d) all references to "the Preferred Securities Guarantee" or "this
     Preferred Securities Guarantee" are to this Preferred Securities Guarantee
     as modified, supplemented or amended from time to time;

          (e) all references in this Preferred Securities Guarantee to Articles
     and Sections are to Articles and Sections of this Preferred Securities
     Guarantee, unless otherwise specified;

          (f) a term defined in the Trust Indenture Act has the same meaning
     when used in this Preferred Securities Guarantee, unless otherwise defined
     in this Preferred Securities Guarantee or unless the context otherwise
     requires; and

          (g) a reference to the singular includes the plural and VICE VERSA.

     "Affiliate" has the same meaning as given to that term in Rule 405 of the
Securities Act of 1933, as amended, or any successor rule thereunder.

     "Business Day" means any day other than a Saturday, Sunday, a day on which
federal or State banking institutions in Rockland, Massachusetts or New York,
New York are authorized or required by law, executive order or regulation to
close or a day on which the Corporate Trust Office of the Guarantee Trustee is
closed for business.

     "Corporate Trust Office" means the office of the Guarantee Trustee at which
the corporate trust business of the Guarantee Trustee shall, at any particular
time, be principally administered, which office at the date of execution of this
Agreement is located at 101 Barclay Street, New York, New York 10286, Attention:
Corporate Trust Trustee Administration.

     "Covered Person" means any Holder or beneficial owner of Preferred
Securities.

     "Debentures" means the 8.625% Junior Subordinated Debentures due
December 31, 2031, the Debenture Issuer held by the Property Trustee of the
Trust.

     "Debenture Issuer" means Independent Bank Corp., issuer of the Debentures
under the Indenture.

     "Event of Default" means a default by the Guarantor on any of its payment
or other obligations under this Preferred Securities Guarantee.

     "Guarantee Payments" means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or
made by the Trust: (i) any accrued and unpaid Distributions that are required to
be paid on such Preferred Securities, to the extent the Trust shall have funds
available therefor, (ii) the redemption price, including all accrued and unpaid
Distributions to the date of redemption (the "Redemption Price"), to the extent
the Trust has funds available therefor, with respect to any Preferred Securities
called for


                                      -2-
<PAGE>


redemption by the Trust, and (iii) upon a voluntary or involuntary dissolution,
winding-up or termination of the Trust (other than in connection with the
distribution of Debentures to the Holders in exchange for Preferred Securities
as provided in the Trust Agreement), the lesser of (a) the aggregate of the
Liquidation Amount and all accrued and unpaid Distributions on the Preferred
Securities to the date of payment, to the extent the Trust shall have funds
available therefor (the "Liquidation Distribution"), and (b) the amount of
assets of the Trust remaining available for distribution to Holders in
liquidation of the Trust.

     "Guarantee Trustee" means The Bank of New York, until a Successor Guarantee
Trustee has been appointed and has accepted such appointment pursuant to the
terms of this Preferred Securities Guarantee and thereafter means each such
Successor Guarantee Trustee.

     "Guarantor" means Independent Bank Corp., a Massachusetts corporation.

     "Holder" shall mean any holder, as registered on the books and records of
the Trust, of any Preferred Securities; PROVIDED, HOWEVER, that, in determining
whether the holders of the requisite percentage of Preferred Securities have
given any request, notice, consent or waiver hereunder, "Holder" shall not
include the Guarantor, the Guarantee Trustee or any of their respective
Affiliates.

     "Indemnified Person" means the Guarantee Trustee, any Affiliate of the
Guarantee Trustee, or any officers, directors, shareholders, members, partners,
employees, representatives, nominees, custodians or agents of the Guarantee
Trustee.

     "Indenture" means the Indenture dated as of December 11, 2001, among the
Debenture Issuer and The Bank of New York, as trustee, and any indenture
supplemental thereto pursuant to which the Debentures are to be issued to the
Property Trustee of the Trust.

     "Liquidation Amount" means the stated value of $25 per Preferred Security.

     "Liquidation Distribution" has the meaning provided therefor in the
definition of Guarantee Payments.

     "Majority in Liquidation Amount of the Preferred Securities" means the
holders of more than 50% of the Liquidation Amount of all of the Preferred
Securities.

     "Officers' Certificate" means, with respect to any Person, a certificate
signed by two authorized officers of such Person, at least one of whom shall be
the principal executive officer, principal financial officer, principal
accounting officer, treasurer or any vice president of such Person. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Preferred Securities Guarantee shall include:

          (a) a statement that each officer signing the Officers' Certificate
     has read the covenant or condition and the definition relating thereto;

          (b) a brief statement of the nature and scope of the examination or
     investigation undertaken by each officer in rendering the Officers'
     Certificate;


                                      -3-
<PAGE>




          (c) a statement that each such officer has made such examination or
     investigation as, in such officer's opinion, is necessary to enable such
     officer to express an informed opinion as to whether or not such covenant
     or condition has been complied with; and

          (d) a statement as to whether, in the opinion of each such officer,
     such condition or covenant has been complied with.

     "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

     "Preferred Securities" means the 8.625% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank PARI PASSU with Common Securities issued by the Trust;
provided, however, that upon the occurrence of an Event of Default, the
rights of holders of Common Securities to payment in respect of distributions
and payments upon liquidation, redemption and otherwise are subordinated to
the rights of holders of Preferred Securities.

     "Redemption Price" has the meaning provided therefor in the definition of
Guarantee Payments.

     "Responsible Officer" means, with respect to the Guarantee Trustee, any
officer within the Corporate Trust Office of the Guarantee Trustee with direct
responsibility for the administration of this Preferred Securities Guarantee,
including any vice-president, any assistant vice-president, any assistant
secretary or other officer or assistant officer of the Guarantee Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

     "Successor Guarantee Trustee" means a successor Guarantee Trustee
possessing the qualifications to act as Guarantee Trustee under Section 4.1.

     "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended.



                                      -4-
<PAGE>



                                   ARTICLE II

                               TRUST INDENTURE ACT

     2.1 TRUST INDENTURE ACT; APPLICATION.

          (a) This Preferred Securities Guarantee is subject to the provisions
     of the Trust Indenture Act that are required to be part of this Preferred
     Securities Guarantee and shall, to the extent applicable, be governed by
     such provisions.

          (b) If and to the extent that any provision of this Preferred
     Securities Guarantee limits, qualifies or conflicts with the duties imposed
     by Section 310 to 317, inclusive, of the Trust Indenture Act, such imposed
     duties shall control.

     2.2 LISTS OF HOLDERS OF SECURITIES.

          (a) In the event the Guarantee Trustee is not also acting in the
     capacity of the Property Trustee under the Trust Agreement, the Guarantor
     shall cause to be provided to the Guarantee Trustee a list, in such form as
     the Guarantee Trustee may reasonably require, of the names and addresses of
     the Holders of the Preferred Securities ("List of Holders") as of the date
     (i) within one Business Day after March 15, June 15, September 15 and
     December 15, and (ii) at any other time within 30 days of receipt by the
     Guarantor of a written request for a List of Holders as of a date no more
     than 15 days before such List of Holders is given to the Guarantee Trustee;
     PROVIDED, that the Guarantor shall not be obligated to provide such List of
     Holders at any time the List of Holders does not differ from the most
     recent List of Holders caused to have been given to the Guarantee Trustee
     by the Guarantor. The Guarantee Trustee may destroy any List of Holders
     previously given to it on receipt of a new List of Holders.

          (b) The Guarantee Trustee shall comply with its obligations under
     Sections 311(a), 311(b) and Section 312(b) of the Trust Indenture Act.

     2.3 REPORTS BY THE GUARANTEE TRUSTEE.

     On or before July 31 of each year, commencing July 31, 2002 the Guarantee
Trustee shall provide to the Holders of the Preferred Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee
Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.


                                      -5-
<PAGE>


     2.4 PERIODIC REPORTS TO GUARANTEE TRUSTEE.

     The Guarantor shall provide to the Guarantee Trustee such documents,
reports and information as required by Section 314 (if any) and the compliance
certificate required by Section 314 of the Trust Indenture Act in the form, in
the manner and at the times required by Section 314 of the Trust Indenture Act.

     2.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

     The Guarantor shall provide to the Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Preferred
Securities Guarantee that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act. Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of an
Officers' Certificate.

     2.6 EVENTS OF DEFAULT; WAIVER.

     The Holders of a Majority in Liquidation Amount of Preferred Securities
may, by vote, on behalf of the Holders of all of the Preferred Securities, waive
any past Event of Default and its consequences. Upon such waiver, any such Event
of Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Preferred
Securities Guarantee, but no such waiver shall extend to any subsequent or other
default or Event of Default or impair any right consequent thereon.

     2.7 EVENT OF DEFAULT; NOTICE.

          (a) The Guarantee Trustee shall, within 90 days after the occurrence
     of an Event of Default, transmit by mail, first class postage prepaid, to
     the Holders of the Preferred Securities, notices of all Events of Default
     actually known to a Responsible Officer of the Guarantee Trustee, unless
     such defaults have been cured before the giving of such notice; PROVIDED,
     that, except in the case of a default by Guarantor on any of its payment
     obligations, the Guarantee Trustee shall be protected in withholding such
     notice if and so long as a Responsible Officer of the Guarantee Trustee in
     good faith determines that the withholding of such notice is in the
     interests of the Holders of the Preferred Securities.

          (b) The Guarantee Trustee shall not be deemed to have knowledge of any
     Event of Default unless the Guarantee Trustee shall have received written
     notice, or of which a Responsible Officer of the Guarantee Trustee charged
     with the administration of the Trust Agreement shall have obtained actual
     knowledge.

     2.8 Conflicting Interests.

     The Trust Agreement shall be deemed to be specifically described in this
Preferred Securities Guarantee for the purposes of clause (i) of the first
proviso contained in Section 310(b) of the Trust Indenture Act.


                                      -6-
<PAGE>


                                  ARTICLE III

                 POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE

     3.1 POWERS AND DUTIES OF THE GUARANTEE TRUSTEE.

          (a) This Preferred Securities Guarantee shall be held by the Guarantee
     Trustee for the benefit of the Holders of the Preferred Securities, and the
     Guarantee Trustee shall not transfer this Preferred Securities Guarantee to
     any Person except a Holder of Preferred Securities exercising his or her
     rights pursuant to Section 5.4(b) or to a Successor Guarantee Trustee on
     acceptance by such Successor Guarantee Trustee of its appointment to act as
     Successor Guarantee Trustee. The right, title and interest of the Guarantee
     Trustee shall automatically vest in any Successor Guarantee Trustee, and
     such vesting and cessation of title shall be effective whether or not
     conveyancing documents have been executed and delivered pursuant to the
     appointment of such Successor Guarantee Trustee.

          (b) If an Event of Default actually known to a Responsible Officer of
     the Guarantee Trustee has occurred and is continuing, the Guarantee Trustee
     shall enforce this Preferred Securities Guarantee for the benefit of the
     Holders of the Preferred Securities.
          (c) The Guarantee Trustee, before the occurrence of any Event of
     Default and after the curing of all Events of Default that may have
     occurred, shall undertake to perform only such duties as are specifically
     set forth in this Preferred Securities Guarantee, and no implied covenants
     shall be read into this Preferred Securities Guarantee against the
     Guarantee Trustee. In case an Event of Default has occurred (that has not
     been cured or waived pursuant to Section 2.6) and is actually known to a
     Responsible Officer of the Guarantee Trustee, the Guarantee Trustee shall
     exercise such of the rights and powers vested in it by this Preferred
     Securities Guarantee, and use the same degree of care and skill in its
     exercise thereof, as a prudent person would exercise or use under the
     circumstances in the conduct of his or her own affairs.

          (d) No provision of this Preferred Securities Guarantee shall be
     construed to relieve the Guarantee Trustee from liability for its own
     negligent action, its own negligent failure to act, or its own willful
     misconduct, except that:

               (i) prior to the occurrence of any Event of Default and after the
          curing or waiving of all such Events of Default that may have
          occurred:

                    (A) the duties and obligations of the Guarantee Trustee
               shall be determined solely by the express provisions of this
               Preferred Securities Guarantee, and the Guarantee Trustee shall
               not be liable except for the performance of such duties


                                      -7-
<PAGE>


               and obligations as are specifically set forth in this Preferred
               Securities Guarantee, and no implied covenants or obligations
               shall be read into this Preferred Securities Guarantee against
               the Guarantee Trustee; and

                    (B) in the absence of bad faith on the part of the Guarantee
               Trustee, the Guarantee Trustee may conclusively rely, as to the
               truth of the statements and the correctness of the opinions
               expressed therein, upon any certificates or opinions furnished to
               the Guarantee Trustee and conforming to the requirements of this
               Preferred Securities Guarantee; but in the case of any such
               certificates or opinions that by any provision hereof are
               specifically required to be furnished to the Guarantee Trustee,
               the Guarantee Trustee shall be under a duty to examine the same
               to determine whether or not they conform to the requirements of
               this Preferred Securities Guarantee;

               (ii) the Guarantee Trustee shall not be liable for any error of
          judgment made in good faith by a Responsible Officer of the Guarantee
          Trustee, unless it shall be proved that the Guarantee Trustee was
          negligent in ascertaining the pertinent facts upon which such judgment
          was made;

               (iii) the Guarantee Trustee shall not be liable with respect to
          any action taken or omitted to be taken by it in good faith in
          accordance with the direction of the Holders of not less than a
          Majority in Liquidation Amount of the Preferred Securities relating to
          the time, method and place of conducting any proceeding for any remedy
          available to the Guarantee Trustee, or exercising any trust or power
          conferred upon the Guarantee Trustee under this Preferred Securities
          Guarantee; and

               (iv) no provision of this Preferred Securities Guarantee shall
          require the Guarantee Trustee to expend or risk its own funds or
          otherwise incur personal financial liability in the performance of any
          of its duties or in the exercise of any of its rights or powers, if
          the Guarantee Trustee shall have reasonable grounds for believing that
          the repayment of such funds or liability is not reasonably assured to
          it under the terms of this Preferred Securities Guarantee or
          indemnity, reasonably satisfactory to the Guarantee Trustee, against
          such risk or liability is not reasonably assured to it.


                                      -8-
<PAGE>


     3.2 CERTAIN RIGHTS OF GUARANTEE TRUSTEE.

          (a) Subject to the provisions of Section 3.1:

               (i) the Guarantee Trustee may conclusively rely, and shall be
          fully protected in acting or refraining from acting upon, any
          resolution, certificate, statement, instrument, opinion, report,
          notice, request, direction, consent, order, bond, debenture, note,
          other evidence of indebtedness or other paper or document believed by
          it to be genuine and to have been signed, sent or presented by the
          proper party or parties;

               (ii) Any direction or act of the Guarantor contemplated by this
          Preferred Securities Guarantee shall be sufficiently evidenced by an
          Officers' Certificate;

               (iii) whenever, in the administration of this Preferred
          Securities Guarantee, the Guarantee Trustee shall deem it desirable
          that a matter be proved or established before taking, suffering or
          omitting any action hereunder, the Guarantee Trustee (unless other
          evidence is herein specifically prescribed) may, in the absence of bad
          faith on its part, request and conclusively rely upon an Officers'
          Certificate which, upon receipt of such request, shall be promptly
          delivered by the Guarantor;

               (iv) the Guarantee Trustee shall have no duty to see to any
          recording, filing or registration of any instrument (or any
          rerecording, refiling or registration thereof);

               (v) the Guarantee Trustee may consult with counsel, and the
          written advice or opinion of such counsel with respect to legal
          matters shall be full and complete authorization and protection in
          respect of any action taken, suffered or omitted by it hereunder in
          good faith and in accordance with such advice or opinion. Such counsel
          may be counsel to the Guarantor or any of its Affiliates and may
          include any of its employees. The Guarantee Trustee shall have the
          right at any time to seek instructions concerning the administration
          of this Preferred Securities Guarantee from any court of competent
          jurisdiction;

               (vi) the Guarantee Trustee shall be under no obligation to
          exercise any of the rights or powers vested in it by this Preferred
          Securities Guarantee at the request or direction of any Holder, unless
          such Holder shall have provided to the Guarantee Trustee such security
          and indemnity, reasonably satisfactory to the Guarantee Trustee,
          against the costs, expenses (including attorneys' fees and expenses
          and the expenses of the Guarantee Trustee's agents, nominees or


                                      -9-
<PAGE>


          custodians) and liabilities that might be incurred by it in complying
          with such request or direction, including such reasonable advances as
          may be requested by the Guarantee Trustee; PROVIDED that, nothing
          contained in this Section 3.2(a)(vi) shall be taken to relieve the
          Guarantee Trustee, upon the occurrence of an Event of Default, of its
          obligation to exercise the rights and powers vested in it by this
          Preferred Securities Guarantee;

               (vii) the Guarantee Trustee shall not be bound to make any
          investigation into the facts or matters stated in any resolution,
          certificate, statement, instrument, opinion, report, notice, request,
          direction, consent, order, bond, debenture, note, other evidence of
          indebtedness or other paper or document, but the Guarantee Trustee, in
          its discretion, may make such further inquiry or investigation into
          such facts or matters as it may see fit;

               (viii) the Guarantee Trustee may execute any of the trusts or
          powers hereunder or perform any duties hereunder either directly or by
          or through agents, nominees, custodians or attorneys, and the
          Guarantee Trustee shall not be responsible for any misconduct or
          negligence on the part of any agent or attorney appointed with due
          care by it hereunder;

               (ix) no third party shall be required to inquire as to the
          authority of the Guarantee Trustee to so act or as to its compliance
          with any of the terms and provisions of this Preferred Securities
          Guarantee, both of which shall be conclusively evidenced by the
          Guarantee Trustee's or its agent's taking such action; and

               (x) whenever in the administration of this Preferred Securities
          Guarantee the Guarantee Trustee shall deem it desirable to receive
          instructions with respect to enforcing any remedy or right or taking
          any other action hereunder, the Guarantee Trustee (i) may request
          instructions from the Holders of a Majority in Liquidation Amount of
          the Preferred Securities, (ii) may refrain from enforcing such remedy
          or right or taking such other action until such instructions are
          received, and (iii) shall be protected in conclusively relying on or
          acting in accordance with such instructions.

          (b) No provision of this Preferred Securities Guarantee shall be
     deemed to impose any duty or obligation on the Guarantee Trustee to perform
     any act or acts or exercise any right, power, duty or obligation conferred
     or imposed on it in any jurisdiction in which it shall be illegal, or in
     which the Guarantee Trustee shall be unqualified or incompetent in
     accordance with applicable law, to perform any such act or acts or to
     exercise any such right, power, duty or obligation. No permissive power or
     authority available to the Guarantee Trustee shall be construed to be a
     duty.


                                      -10-
<PAGE>



     3.3 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF GUARANTEE.

     The Recitals contained in this Guarantee shall be taken as the statements
of the Guarantor, and the Guarantee Trustee does not assume any responsibility
for their correctness. The Guarantee Trustee makes no representation as to the
validity or sufficiency of this Preferred Securities Guarantee.


                                   ARTICLE IV

                                GUARANTEE TRUSTEE

     4.1 GUARANTEE TRUSTEE; ELIGIBILITY.

          (a) There shall at all times be a Guarantee Trustee which shall:

               (i) not be an Affiliate of the Guarantor; and

               (ii) be a corporation organized and doing business under the laws
          of the United States of America or any State or territory thereof or
          of the District of Columbia, or a corporation or Person permitted by
          the Securities and Exchange Commission to act as an institutional
          trustee under the Trust Indenture Act, authorized under such laws to
          exercise corporate trust powers, having a combined capital and surplus
          of at least $50,000,000, and subject to supervision or examination by
          federal, State, territorial or District of Columbia authority. If such
          corporation publishes reports of condition at least annually, pursuant
          to law or to the requirements of the supervising or examining
          authority referred to above, then, for the purposes of this Section
          4.1(a)(ii), the combined capital and surplus of such corporation shall
          be deemed to be its combined capital and surplus as set forth in its
          most recent report of condition so published.

          (b) If at any time the Guarantee Trustee shall cease to be eligible to
     so act under Section 4.1(a), the Guarantee Trustee shall immediately resign
     in the manner and with the effect set out in Section 4.2(c).

          (c) If the Guarantee Trustee has or shall acquire any "conflicting
     interest" within the meaning of Section 310(b) of the Trust Indenture Act,
     the Guarantee Trustee and Guarantor shall in all respects comply with the
     provisions of Section 310(b) of the Trust Indenture Act.

     4.2 APPOINTMENT, REMOVAL AND RESIGNATION OF GUARANTEE TRUSTEE.

          (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed
     or removed without cause at any time by the Guarantor.


                                      -11-
<PAGE>


          (b) The Guarantee Trustee shall not be removed in accordance with
     Section 4.2(a) until a Successor Guarantee Trustee has been appointed and
     has accepted such appointment by written instrument executed by such
     Successor Guarantee Trustee and delivered to the Guarantor.

          (c) The Guarantee Trustee appointed to office shall hold office until
     a Successor Guarantee Trustee shall have been appointed or until its
     removal or resignation. The Guarantee Trustee may resign from office
     (without need for prior or subsequent accounting) by an instrument in
     writing executed by the Guarantee Trustee and delivered to the Guarantor,
     which resignation shall not take effect until a Successor Guarantee Trustee
     has been appointed and has accepted such appointment by instrument in
     writing executed by such Successor Guarantee Trustee and delivered to the
     Guarantor and the resigning Guarantee Trustee.

          (d) If no Successor Guarantee Trustee shall have been appointed and
     accepted appointment as provided in this Section 4.2 within 60 days after
     delivery to the Guarantor of an instrument of resignation, the resigning
     Guarantee Trustee may petition any court of competent jurisdiction for
     appointment of a Successor Guarantee Trustee. Such court may thereupon,
     after prescribing such notice, if any, as it may deem proper, appoint a
     Successor Guarantee Trustee.

          (e) No Guarantee Trustee shall be liable for the acts or omissions to
     act of any Successor Guarantee Trustee.

          (f) Upon termination of this Preferred Securities Guarantee or removal
     or resignation of the Guarantee Trustee pursuant to this Section 4.2, the
     Guarantor shall pay to the Guarantee Trustee all fees and expenses accrued
     to the date of such termination, removal or resignation.

                                   ARTICLE V

                                    GUARANTEE

     5.1 GUARANTEE.

     The Guarantor irrevocably and unconditionally agrees to pay in full to the
Holders the Guarantee Payments (without duplication of amounts theretofore paid
by the Trust), as and when due, regardless of any defense, right of set-off or
counterclaim that the Trust may have or assert. The Guarantor's obligation to
make a Guarantee Payment may be satisfied by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Trust to pay such
amounts to the Holders.

     5.2 WAIVER OF NOTICE AND DEMAND.

     The Guarantor hereby waives notice of acceptance of this Preferred
Securities Guarantee and of any liability to which it applies or may apply,
presentment, demand for payment, any right


                                      -12-
<PAGE>


to require a proceeding first against the Trust or any other Person before
proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands.

     5.3 OBLIGATIONS NOT AFFECTED.

     The obligations, covenants, agreements and duties of the Guarantor under
this Preferred Securities Guarantee shall in no way be affected or impaired by
reason of the happening from time to time of any of the following:

          (a) the release or waiver, by operation of law or otherwise, of the
     performance or observance by the Trust of any express or implied agreement,
     covenant, term or condition relating to the Preferred Securities to be
     performed or observed by the Trust;

          (b) the extension of time for the payment by the Trust of all or any
     portion of the Distributions, Redemption Price, Liquidation Distribution or
     any other sums payable under the terms of the Preferred Securities or the
     extension of time for the performance of any other obligation under,
     arising out of, or in connection with, the Preferred Securities (other than
     an extension of time for payment of Distributions, Redemption Price,
     Liquidation Distribution or other sum payable that results from the
     extension of any interest payment period on the Debentures or any extension
     of the maturity date of the Debentures permitted by the Indenture);

          (c) any failure, omission, delay or lack of diligence on the part of
     the Holders to enforce, assert or exercise any right, privilege, power or
     remedy conferred on the Holders pursuant to the terms of the Preferred
     Securities, or any action on the part of the Trust granting indulgence or
     extension of any kind;

          (d) the voluntary or involuntary liquidation, dissolution, sale of any
     collateral, receivership, insolvency, bankruptcy, assignment for the
     benefit of creditors, reorganization, arrangement, composition or
     readjustment of debt of, or other similar proceedings affecting, the Trust
     or any of the assets of the Trust;

          (e) any invalidity of, or defect or deficiency in, the Preferred
     Securities;

          (f) any failure or omission to receive any regulatory approval or
     consent required in connection with the Preferred Securities (or the common
     equity securities issued by the Trust), including the failure to receive
     any approval of the Board of Governors of the Federal Reserve System
     required for the redemption of the Preferred Securities;

          (g) the settlement or compromise of any obligation guaranteed hereby
     or hereby incurred; or


                                      -13-
<PAGE>


          (h) any other circumstance whatsoever that might otherwise constitute
     a legal or equitable discharge or defense of a guarantor, it being the
     intent of this Section 5.3 that the obligations of the Guarantor hereunder
     shall be absolute and unconditional under any and all circumstances.

     There shall be no obligation of the Holders to give notice to, or obtain
consent of, the Guarantor with respect to the happening of any of the foregoing.

     5.4 RIGHTS OF HOLDERS.

          (a) Subject to Section 5.4(b), the Holders of a Majority in
     Liquidation Amount of the Preferred Securities have the right to direct the
     time, method and place of conducting of any proceeding for any remedy
     available to the Guarantee Trustee in respect of this Preferred Securities
     Guarantee or exercising any trust or power conferred upon the Guarantee
     Trustee under this Preferred Securities Guarantee.

          (b) Any Holder of Preferred Securities may institute and prosecute a
     legal proceeding directly against the Guarantor to enforce its rights under
     this Preferred Securities Guarantee, without first instituting a legal
     proceeding against the Trust, the Guarantee Trustee or any other Person.

     5.5 GUARANTEE OF PAYMENT.

     This Preferred Securities Guarantee creates a guarantee of payment and not
of collection.

     5.6 SUBROGATION.

     The Guarantor shall be subrogated to all (if any) rights of the Holders of
Preferred Securities against the Trust in respect of any amounts paid to such
Holders by the Guarantor under this Preferred Securities Guarantee; PROVIDED,
HOWEVER, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any right that
it may acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Preferred Securities
Guarantee, if, at the time of any such payment, any amounts are due and unpaid
under this Preferred Securities Guarantee. If any amount shall be paid to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount in trust for the Holders and to pay over such amount to the Holders.

     5.7 INDEPENDENT OBLIGATIONS.

     The Guarantor acknowledges that its obligations hereunder are independent
of the obligations of the Trust with respect to the Preferred Securities, and
that the Guarantor shall be liable as principal and as debtor hereunder to make
Guarantee Payments pursuant to the terms of this Preferred Securities Guarantee
notwithstanding the occurrence of any event referred to in subsections (a)
through (h), inclusive, of Section 5.3 hereof.


                                      -14-
<PAGE>


                                   ARTICLE VI

                    LIMITATION OF TRANSACTIONS; SUBORDINATION

     6.1 LIMITATION OF TRANSACTIONS.

     So long as any Preferred Securities remain outstanding, if there shall have
occurred an Event of Default under this Preferred Securities Guarantee, an event
of default under the Trust Agreement or during an Extended Interest Payment
Period (as defined in the Indenture), then the Guarantor shall not (i) declare
or pay any dividend on, make any distributions with respect to, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of its
capital stock (other than as a result of a reclassification of its capital stock
for another class of its capital stock), (ii) make any payment of interest or
principal on or repay, repurchase or redeem any debt securities issued by the
Guarantor which rank PARI PASSU with or junior to the Debentures (iii) make any
guarantee payments with respect to any of the foregoing (other than (a)
dividends or distributions in shares of, or options, warrants, rights to
subscribe for or purchase shares of, common stock of the Guarantor, (b) any
declaration of a non-cash dividend in connection with the implementation of a
stockholders' rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto, (c)
payments under this Preferred Securities Guarantee, (d) the purchase of
fractional shares resulting from a reclassification of the Guarantor's capital
stock, (e) the purchase of fractional interests in shares of the Guarantor's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged and (f) purchases of common
stock related to the issuance of common stock or rights under any of the
Guarantor's benefit plans for its directors, officers or employees or any of the
Guarantor's dividend reinvestment plans).

     6.2 RANKING.

     This Preferred Securities Guarantee will constitute an unsecured obligation
of the Guarantor and will rank subordinate and junior in right of payment to all
Senior Debt, Subordinated Debt and Additional Senior Obligations, of the
Guarantor (as defined in the Indenture), to the extent and in the manner set
forth in the Indenture, and the applicable provisions of the Indenture will
apply, in all relevant respects, to the obligations of the Guarantor hereunder.


                                  ARTICLE VII

                                   TERMINATION

     7.1 TERMINATION.

     This Preferred Securities Guarantee shall terminate upon (i) full payment
of the Redemption Price of all Preferred Securities, (ii) upon full payment of
the amounts payable in accordance with the Trust Agreement upon liquidation of
the Trust, or (iii) upon distribution of the Debentures to the Holders of the
Preferred Securities. Notwithstanding the foregoing, this Preferred Securities
Guarantee shall continue to be effective or shall be reinstated, as the case


                                      -15-
<PAGE>


may be, if at any time any Holder of Preferred Securities must restore payment
of any sums paid under the Preferred Securities or under this Preferred
Securities Guarantee.


                                  ARTICLE VIII

                                 INDEMNIFICATION

     8.1 EXCULPATION.

          (a) No Indemnified Person shall be liable, responsible or accountable
     in damages or otherwise to the Guarantor or any Covered Person for any
     loss, damage or claim incurred by reason of any act or omission performed
     or omitted by such Indemnified Person in good faith in accordance with this
     Preferred Securities Guarantee and in a manner that such Indemnified Person
     reasonably believed to be within the scope of the authority conferred on
     such Indemnified Person by this Preferred Securities Guarantee or by law,
     except that an Indemnified Person shall be liable for any such loss, damage
     or claim incurred by reason of such Indemnified Person's negligence or
     willful misconduct with respect to such acts or omissions.

          (b) An Indemnified Person shall be fully protected in relying in good
     faith upon the records of the Guarantor and upon such information,
     opinions, reports or statements presented to the Guarantor by any Person as
     to matters the Indemnified Person reasonably believes are within such other
     Person's professional or expert competence and who has been selected with
     reasonable care by or on behalf of the Guarantor, including information,
     opinions, reports or statements as to the value and amount of the assets,
     liabilities, profits, losses, or any other facts pertinent to the existence
     and amount of assets from which Distributions to Holders of Preferred
     Securities might properly be paid.

     8.2 INDEMNIFICATION.

     The Guarantor agrees to indemnify each Indemnified Person for, and to hold
each Indemnified Person harmless against, any loss, liability or expense
incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses (including reasonable legal fees and
expenses) of defending itself against, or investigating, any claim or liability
in connection with the exercise or performance of any of its powers or duties
hereunder. The obligation to indemnify as set forth in this Section 8.2 shall
survive the termination of this Preferred Securities Guarantee.


                                      -16-
<PAGE>

                                   ARTICLE IX

                                  MISCELLANEOUS

     9.1 SUCCESSORS AND ASSIGNS.

     All guarantees and agreements contained in this Preferred Securities
Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Preferred Securities then outstanding.

     9.2 AMENDMENTS.

     Except with respect to any changes that do not materially adversely affect
the rights of Holders (in which case no consent of Holders will be required),
this Preferred Securities Guarantee may only be amended with the prior approval
of the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities. The provisions of Article VI of the Trust Agreement with respect to
meetings of Holders of the Preferred Securities apply to the giving of such
approval.

     9.3 NOTICES.

     All notices provided for in this Preferred Securities Guarantee shall be in
writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by registered or certified mail, as follows:

          (a) If given to the Guarantee Trustee, at the Guarantee Trustee's
     mailing address set forth below (or such other address as the Guarantee
     Trustee may give notice of to the Holders of the Preferred Securities):

          The Bank of New York
          101 Barclay Street
          New York, New York 10286
          Attention:  Corporate Trust Trustee Administration

          (b) If given to the Guarantor, at the Guarantor's mailing address set
     forth below (or such other address as the Guarantor may give notice of to
     the Holders of the Preferred Securities):

          Independent Bank Corp.
          288 Union Street
          Rockland, Massachusetts  02370
          Telephone: (781) 878-6100
          Attention: Chief Financial Officer

          (c) If given to any Holder of Preferred Securities, at the address set
     forth on the books and records of the Trust.


                                      -17-
<PAGE>


     All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

     9.4 BENEFIT.

     This Preferred Securities Guarantee is solely for the benefit of the
Holders of the Preferred Securities and, subject to Section 3.1(a), is not
separately transferable from the Preferred Securities.

     9.5 GOVERNING LAW.

     THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK



                                      -18-
<PAGE>


     This Preferred Securities Guarantee is executed as of the day and year
first above written.

INDEPENDENT BANK CORP., as Guarantor

By: /s/ Denis K. Sheahan
    --------------------------------
    Denis K. Sheahan
    Chief Financial Officer



THE BANK OF NEW YORK,
 as Guarantee Trustee

By: /s/ Kisha Holder
    --------------------------------
Its: Assistant Treasurer

                                      -19-