Amended and Restated Declaration of Trust



 EXHIBIT (10.O) 

 
  

 
 AMENDED AND RESTATED

 DECLARATION OF TRUST 
 VNB CAPITAL TRUST I 
 Dated as of November 7, 2001 

 
  

 







 CROSS-REFERENCE TABLE* 

 

					
	 Section of
 Trust Indenture
Act
 of 1939, as amended
	  	Section of
Declaration	 
		
	 310(a)
	  	 	5.3	  
	 310(b)
	  	 	5.3(c); 5.3(d)	  
	 311(a)
	  	 	2.2(b)	  
	 311(b)
	  	 	2.2(b)	  
	 312(a)
	  	 	2.2(a)	  
	 312(b)
	  	 	2.2(b)	  
	 313
	  	 	2.3	  
	 314(a)
	  	 	2.4; 2.7(c); 3.6(j)	  
	 314(c)
	  	 	2.5	  
	 315(a)
	  	 	3.6(j); 3.9	  
	 315(b)
	  	 	2.7(a)	  
	 315(c)
	  	 	3.9(a)	  
	 315(d)
	  	 	3.9(b)	  
	 316(a)
	  	 	2.6	  
	 316(c)
	  	 	3.6(e)	  
	 317(a)
	  	 	3.8(e); 3.8(h)	  
	 317(b)
	  	 	3.8(i); 7.5	  
	 318
	  	 	2.1	  

  

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









 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 INTERPRETATION AND DEFINITIONS
	  	 	1	  
	 ARTICLE II
	 	 TRUST INDENTURE ACT
	  	 	9	  
	 SECTION 2.1
	 	 Trust Indenture Act; Application
	  	 	9	  
	 SECTION 2.2
	 	 Lists of Holders of Securities
	  	 	10	  
	 SECTION 2.3
	 	 Reports by the Property Trustee
	  	 	10	  
	 SECTION 2.4
	 	 Periodic Reports to Property Trustee
	  	 	10	  
	 SECTION 2.5
	 	 Evidence of Compliance with Conditions Precedent
	  	 	11	  
	 SECTION 2.6
	 	 Events of Default; Waiver
	  	 	11	  
	 SECTION 2.7
	 	 Default; Notice
	  	 	12	  
	 ARTICLE III
	 		  	 	13	  
	 SECTION 3.1
	 	 Name
	  	 	13	  
	 SECTION 3.2
	 	 Office
	  	 	13	  
	 SECTION 3.3
	 	 Purpose
	  	 	14	  
	 SECTION 3.4
	 	 Authority
	  	 	14	  
	 SECTION 3.5
	 	 Title to Property of the Trust
	  	 	14	  
	 SECTION 3.6
	 	 Powers and Duties of the Administrative Trustees
	  	 	14	  
	 SECTION 3.7
	 	 Prohibition of Actions by the Trust and the Trustees
	  	 	18	  
	 SECTION 3.8
	 	 Powers and Duties of the Property Trustee
	  	 	19	  
	 SECTION 3.9
	 	 Certain Duties and Responsibilities of the Property Trustee
	  	 	21	  
	 SECTION 3.10
	 	 Certain Rights of Property Trustee
	  	 	23	  
	 SECTION 3.11
	 	 Delaware Trustee
	  	 	25	  
	 SECTION 3.12
	 	 Execution of Documents
	  	 	25	  
	 SECTION 3.13
	 	 Not Responsible for Recitals or Issuance of Securities
	  	 	26	  
	 SECTION 3.14
	 	 Duration of Trust
	  	 	26	  
	 SECTION 3.15
	 	 Mergers
	  	 	26	  
	 SECTION 3.16
	 	 Property Trustee May File Proofs of Claim
	  	 	28	  
	 ARTICLE IV
	 		  	 	29	  
	 SECTION 4.1
	 	 Sponsor’s Purchase of Common Securities
	  	 	29	  
	 SECTION 4.2
	 	 Responsibilities of the Sponsor
	  	 	29	  
	 SECTION 4.3
	 	 Right to Proceed
	  	 	30	  


  
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	 SECTION 4.4
	 	 Right to Dissolve Trust
	  	 	30	  
	 ARTICLE V
	 		  	 	30	  
	 SECTION 5.1
	 	 Number of Trustees; Appointment of Co-Trustee
	  	 	30	  
	 SECTION 5.2
	 	 Delaware Trustee
	  	 	31	  
	 SECTION 5.3
	 	 Property Trustee; Eligibility
	  	 	32	  
	 SECTION 5.4
	 	 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally
	  	 	33	  
	 SECTION 5.5
	 	 Administrative Trustees
	  	 	33	  
	 SECTION 5.6
	 	 Appointment, Removal and Resignation of Trustees
	  	 	33	  
	 SECTION 5.7
	 	 Vacancies among Trustees
	  	 	35	  
	 SECTION 5.8
	 	 Effect of Vacancies
	  	 	36	  
	 SECTION 5.9
	 	 Meetings
	  	 	36	  
	 SECTION 5.10
	 	 Delegation of Power
	  	 	36	  
	 SECTION 5.11
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	37	  
	 ARTICLE VI
	 		  	 	37	  
	 SECTION 6.1
	 	 Distributions
	  	 	37	  
	 SECTION 6.2
	 	 Redemption
	  	 	37	  
	 ARTICLE VII
	 		  	 	38	  
	 SECTION 7.1
	 	 General Provisions Regarding Securities
	  	 	38	  
	 SECTION 7.2
	 	 Execution and Authentication
	  	 	38	  
	 SECTION 7.3
	 	 Form and Dating
	  	 	39	  
	 SECTION 7.4
	 	 Registrar and Paying Agent
	  	 	40	  
	 SECTION 7.5
	 	 Paying Agent to Hold Money in Trust
	  	 	41	  
	 SECTION 7.6
	 	 Replacement Securities
	  	 	41	  
	 SECTION 7.7
	 	 Outstanding Preferred Securities
	  	 	41	  
	 SECTION 7.8
	 	 Preferred Securities in Treasury
	  	 	42	  
	 SECTION 7.9
	 	 Temporary Securities
	  	 	42	  
	 SECTION 7.10
	 	 Cancellation
	  	 	43	  
	 SECTION 7.11
	 	 CUSIP Numbers
	  	 	43	  
	 ARTICLE VIII
	  	 	43	  
	 SECTION 8.1
	 	 Dissolution of Trust
	  	 	43	  
	 ARTICLE IX
	 		  	 	45	  
	 SECTION 9.1
	 	 Transfer of Securities
	  	 	45	  


  
 2 









							
	 SECTION 9.2
	 	Transfer Procedures and Restrictions	  	 	45	  
	 SECTION 9.3
	 	 Book-Entry Interests
	  	 	48	  
	 SECTION 9.4
	 	 Notices to Clearing Agency
	  	 	49	  
	 SECTION 9.5
	 	 Appointment of Successor Clearing Agency
	  	 	49	  
	 ARTICLE X
	 		  	 	50	  
	 SECTION 10.1
	 	 Liability
	  	 	50	  
	 SECTION 10.2
	 	 Exculpation
	  	 	50	  
	 SECTION 10.3
	 	 Fiduciary Duty
	  	 	50	  
	 SECTION 10.4
	 	 Indemnification
	  	 	51	  
	 SECTION 10.5
	 	 Outside Businesses
	  	 	54	  
	 ARTICLE XI
	 		  	 	55	  
	 SECTION 11.1
	 	 Fiscal Year
	  	 	55	  
	 SECTION 11.2
	 	 Certain Accounting Matters
	  	 	55	  
	 SECTION 11.3
	 	 Banking
	  	 	56	  
	 SECTION 11.4
	 	 Withholding
	  	 	56	  
	 ARTICLE XII
	  	 	56	  
	 SECTION 12.1
	 	 Amendments
	  	 	56	  
	 SECTION 12.2
	 	 Meetings of the Holders; Action by Written Consent
	  	 	59	  
	 ARTICLE XIII
	  	 	60	  
	 SECTION 13.1
	 	 Representations and Warranties of Property Trustee
	  	 	60	  
	 SECTION 13.2
	 	 Representations and Warranties of Delaware Trustee
	  	 	61	  
	 ARTICLE XIV
	  	 	62	  
	 SECTION 14.1
	 	 Notices
	  	 	62	  
	 SECTION 14.2
	 	 Governing Law
	  	 	63	  
	 SECTION 14.3
	 	 Intention of the Parties
	  	 	64	  
	 SECTION 14.4
	 	 Headings
	  	 	64	  
	 SECTION 14.5
	 	 Successors and Assigns
	  	 	64	  
	 SECTION 14.6
	 	 Partial Enforceability
	  	 	64	  
	 SECTION 14.7
	 	 Counterparts
	  	 	65	  
	 ANNEX I
	  	 	I-1	  
	 EXHIBIT A-1
	  	 	A-1	  
	 EXHIBIT A-2
	  	 	B-1	  


  
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 AMENDED AND RESTATED 

DECLARATION OF TRUST 
 OF VNB CAPITAL TRUST I 
 Dated as of November 7, 2001 

AMENDED AND RESTATED DECLARATION OF TRUST (“Declaration”) dated and effective as of November 7, 2001, by and among the
Trustees (as defined herein), the Sponsor (as defined herein) and the Holders (as defined herein), from time to time, of undivided beneficial interests in the assets of the Trust to be issued pursuant to this Declaration; 

WHEREAS, the Delaware Trustee (as defined herein) and the Sponsor established VNB Capital Trust I (the “Trust”), a trust
created under the Delaware Business Trust Act pursuant to a Declaration of Trust dated as of October 4, 2001 (the “Original Declaration”), and a Certificate of Trust filed with the Secretary of State of the State of Delaware on
October 12, 2001, for the sole purpose of issuing and selling certain securities representing undivided beneficial interests in the assets of the Trust, investing the proceeds thereof in certain Debentures of the Sponsor (each as hereinafter
defined), and engaging in only those activities necessary, advisable or incidental thereto; and 
 WHEREAS, all of the Trustees
and the Sponsor, by this Declaration, amend and restate each and every term and provision of the Original Declaration; 

WHEREAS, all of the Trustees and the Sponsor, by this Declaration, ratify the actions of each Trustee taken prior to the date hereof;

 NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a business trust under the Business
Trust Act and that this Declaration constitute the governing instrument of such business trust, the Trustees declare 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 and, in consideration of the mutual covenants contained herein and other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows: 
 ARTICLE I

 INTERPRETATION AND DEFINITIONS 
 Unless the context otherwise requires: 
 (a) capitalized terms used in this
Declaration but not defined in the preamble above or elsewhere herein have the respective meanings assigned to them in this Article I; 

  
 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 and each Annex and Exhibit
hereto, 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; 
 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Declaration unless otherwise defined in this Declaration or unless the context otherwise requires; 

(f) a term defined in the Indenture (as defined herein) has the same meaning when used in this Declaration unless otherwise defined in
this Declaration or the context otherwise requires; and 
 (g) a reference to the singular includes the plural and vice versa.

 “Administrative Trustee” has the meaning set forth in Section 5.1. 

“Affiliate” has the same meaning as given to that term in Rule 405 under the Securities Act or any successor rule thereunder.

 “Agent” means any Paying Agent, Registrar or Exchange Agent. 

“Authorized Officer” of a Person means any other Person that is authorized to legally bind such former Person. 

“Book-Entry Interest” means a beneficial interest in the Global Preferred Security registered in the name of a Clearing Agency
or its nominee, ownership and transfers of which shall be maintained and made through book entries by a Clearing Agency as described in Section 9.3. 
 “Business Day” means any day other than a Saturday, a Sunday, or a day on which banking institutions in Wilmington, Delaware, Wayne, New Jersey or New York, New York, are authorized or required
by law or executive order to remain closed. 

  
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 “Business Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
Code § 3801 et seq., as it may be amended from time to time, or any successor legislation. 
 “Clearing Agency”
means an organization registered as a “Clearing Agency” pursuant to Section 17A of the Exchange Act that is acting as depositary for the Preferred Securities and in whose name or in the name of a nominee of that organization shall be
registered a global certificate and which shall undertake to effect book entry transfers and pledges of the Preferred Securities. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time the Clearing Agency effects book entry transfers and pledges of
securities deposited with the Clearing Agency. 
 “Closing Date” means the “Closing Date” as defined in the
Underwriting Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor legislation. 
 “Commission” means the United States Securities and Exchange Commission as from time to time
constituted, or if at any time after the execution of this Declaration such Commission is not existing and performing the duties now assigned to it under applicable federal securities laws, then the body performing such duties at such time.

 “Common Securities” has the meaning specified in Section 7.1(a). 

“Common Security Certificate” means a certificate evidencing ownership of Common Securities, substantially in the form attached
as Exhibit A-2. 
 “Common Securities Guarantee” means the Common Securities Guarantee Agreement, dated as of the
Closing Date, entered into by Valley National Bancorp, with respect to the Common Securities. 
 “Common Securities
Subscription Agreement(s)” means the Common Securities Subscription Agreement(s), dated as of the Closing Date or the Date of Delivery, as the case may be, between the Trust and Valley National Bancorp relating to the Common Securities.

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

  
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 “Corporate Trust Office” means the office of the Property
Trustee at which the corporate trust business of the Property Trustee shall, at any particular time, be principally administered, which office at the date of execution of this Declaration is located 5 Penn Plaza, 13th Floor, New York, New York 10001. 

“Covered Person” means: (a) any officer, director, shareholder, partner, member, representative, employee or agent of
(i) the Trust or (ii) the Trust’s Affiliates; and (b) any Holder of Securities. 
 “Date of
Delivery” means the “Date of Delivery” as defined in the Underwriting Agreement. 
 “Debenture Subscription
Agreement(s)” means the Debenture Subscription Agreement(s), dated as of the Closing Date, or the Date of Delivery, as the case may be, between the Sponsor and the Trust in respect of the Debentures. 

“Debenture Trustee” means The Bank of New York, a New York banking corporation, not in its individual capacity but solely as
trustee under the Indenture until a successor is appointed thereunder, and thereafter means such successor trustee. 
 “Debentures” means the 7 3/4% Junior Subordinated Deferrable Interest Debentures due Debenture 15, 2031 of the Sponsor issued pursuant to the Indenture. 

“Default” means an event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 “Definitive Preferred Securities” has the meaning set forth in Section 7. 

“Delaware Trustee” has the meaning set forth in Section 5.1. 

“Direct Action” has the meaning set forth in Section 3.8(e). 

“Distribution” means a distribution payable to Holders in accordance with Section 6.1. 

“DTC” means The Depository Trust Company, the initial Clearing Agency. 

“Event of Default” with respect to the Securities means an Event of Default (as defined in the Indenture) that has occurred and
is continuing with respect to the Debentures. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended
from time to time, or any successor legislation. 

  
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 “Federal Reserve Board” means the Board of Governors of the Federal Reserve
System. 
 “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b). 

“Fiscal Year” has the meaning set forth in Section 11.1. 

“Global Preferred Security” has the meaning set forth in Section 7.3. 

“Holder” means a Person in whose name a Security or Successor Security is registered on the register maintained by or on behalf
of the Registrar, such Person being a beneficial owner of the Trust within the meaning of the Business 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 Sponsor and the Debenture Trustee, as amended from
time to time. 
 “Initial Optional Redemption Date” has the meaning set forth in Section 4(b) of Annex I hereto.

 “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 Section 4(c) of Annex I hereto. 

“Legal Action” has the meaning set forth in Section 3.6(g). 

“Like Amount” has the meaning set forth in Section 3 of Annex I hereto. 

“List of Holders” has the meaning set forth in Section 2.2(a). 

“Majority in Liquidation Amount” means, with respect to the Trust Securities, except as provided in the terms of the Preferred
Securities or by the Trust Indenture Act, Holders of outstanding Trust Securities voting together as a single class or, as the context may require, Holders of outstanding Preferred Securities or Holders of outstanding Common Securities voting
separately as a class, excluding the Trust and the Sponsor and any Affiliate thereof, who are the 

  
 5 








 
record owners of more than 50% of the aggregate liquidation amount (including the amount that would be paid on redemption, liquidation or otherwise, plus accumulated and unpaid Distributions to
but excluding the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by an Authorized Officer of such Person.
Any Officers’ Certificate delivered by the Trust shall be signed by at least one Administrative Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Declaration shall
include: 
 (a) a statement that each officer signing the Certificate has read the covenants or conditions and the definitions
relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each
officer in rendering the Certificate; 
 (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 or not, in the opinion of each such officer, such condition or covenant has been complied with. 
 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of the Sponsor, and who shall be acceptable to the Property Trustee. 

“Participants” has the meaning specified in Section 7.3. 

“Paying Agent” has the meaning specified in Section 7.4. 

“Payment Amount” has the meaning specified in Section 6.1. 

“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 Trust Originated Preferred SecuritiesSM
(“TOPrSSM”) specified in Section 7.1(a).

 “Preferred Securities Guarantee” means the Preferred Securities Guarantee Agreement, dated as of the Closing Date,
by Valley National Bancorp in respect of the Preferred Securities. 

  
 6 








 “Preferred Security Beneficial Owner” means, with respect to a Book-Entry
Interest, a Person who is the beneficial owner of such Book-Entry Interest, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or
as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 
 “Preferred Security
Certificate” has the meaning set forth in Section 9.3. 
 “Property Trustee” has the meaning set forth in
Section 5.3(a). 
 “Property Trustee Account” has the meaning set forth in Section 3.8(c)(i). 

“Prospectus” means the prospectus included as part of the Registration Statement. 

“Quorum” means a majority of the Administrative Trustees or, if there are only two Administrative Trustees, both of them.

 “Redemption Price” has the meaning set forth in Section 4(a) of Annex I hereto. 

“Registrar” has the meaning set forth in Section 7.4. 

“Registration Statement” means the Registration Statement on Form S-3 used to register the Preferred Securities. 

“Regulatory Capital Event” has the meaning set forth in Section 4(c) of Annex I hereto. 

“Related Party” means, with respect to the Sponsor, any direct or indirect wholly owned subsidiary of the Sponsor or any other
Person that owns, directly or indirectly, 100% of the outstanding voting securities of the Sponsor. 
 “Responsible
Officer” means any officer within the Corporate Trust Office of the Property Trustee with direct responsibility for the administration of this Declaration and also means, with respect to a particular corporate trust matter, any other officer of
the Property Trustee to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Rule 3a-5” means Rule 3a-5 under the Investment Company Act, or any successor rule or regulation. 
 “Securities” or “Trust Securities” means the Common Securities and the Preferred Securities. 

  
 7 








 “Securities Act” means the Securities Act of 1933, as amended from time to time,
or any successor legislation. 
 “Securities Guarantees” means the Common Securities Guarantee and the Preferred
Securities Guarantee. 
 “Special Event” has the meaning set forth in Section 4(c) of Annex I hereto. 

“Special Event Redemption Price” has the meaning set forth in Section 4(c) of Annex I hereto. 

“Sponsor” means Valley National Bancorp, a New Jersey corporation, or any successor entity resulting from any merger,
consolidation, amalgamation or other business combination, in its capacity as sponsor of the Trust. 
 “Successor Delaware
Trustee” has the meaning set forth in Section 5.6(b)(ii). 
 “Successor Entity” has the meaning set forth in
Section 3.15(b)(i). 
 “Successor Property Trustee” has the meaning set forth in Section 3.8(f)(ii).

 “Successor Securities” has the meaning set forth in Section 3.15(b)(i). 

“Super Majority” has the meaning set forth in Section 2.6(a)(ii). 

“Tax Event” has the meaning set forth in Section 4(c) of Annex I hereto. 

“Treasury Regulations” means the income tax regulations, including temporary and proposed regulations, promulgated under the
Code by the United States Treasury Department, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation. 
 “Trust Property” means (a) the Debentures, (b) any cash on deposit in or owing to the Property Trustee Account and (c) all proceeds and rights in respect of the foregoing and any
other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to this Declaration. 

“Trustee” or “Trustees” means each Person who has signed this Declaration as a trustee, so long as such Person shall
continue as a trustee of the Trust in accordance with the 

  
 8 








 
terms hereof, and all other Persons who may from time to time be duly appointed, qualified and serving as Trustees in accordance with the provisions hereof, and references herein to a Trustee or
the Trustees shall refer to such Person or Persons solely in their capacity as trustees hereunder. 
 “Underwriting
Agreement” means the purchase agreement relating to the Preferred Securities, dated as of October 31, 2001, by and among the Trust, the Sponsor and the underwriters named therein. 

“10% in Liquidation Amount” means, with respect to the Trust Securities, except as provided in the terms of the Preferred
Securities or by the Trust Indenture Act, Holders of outstanding Trust Securities voting together as a single class or, as the context may require, Holders of outstanding Preferred Securities or Holders of outstanding Common Securities voting
separately as a class, excluding the Trust and the Sponsor and any Affiliate thereof, who are the record owners of 10% or more of the aggregate liquidation amount (including the amount that would be paid on redemption, liquidation or otherwise, plus
accumulated and unpaid Distributions to the date upon which the voting percentages are determined) of all outstanding Securities of the relevant class. 
 ARTICLE II 
 TRUST INDENTURE ACT 

SECTION 2.1 Trust Indenture Act; Application. 
 (a) This Declaration is subject to the provisions of the Trust Indenture Act that are required to be part of this Declaration in order for this Declaration to be qualified under the Trust Indenture Act
and shall, to the extent applicable, be governed by such provisions. 
 (b) The Property Trustee shall be the only Trustee which
is a trustee for the purposes of the Trust Indenture Act. 
 (c) If and to the extent that any provision of this Declaration
limits, qualifies or conflicts with the duties imposed by §§ 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 (d) The application of the Trust Indenture Act to this Declaration shall not affect the Trust’s classification as a grantor trust for United States federal income tax purposes and shall not affect
the nature of the Securities as equity securities representing undivided beneficial interests in the assets of the Trust. 

  
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 SECTION 2.2 Lists of Holders of Securities. 

(a) Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide the Property Trustee, unless the Property
Trustee is Registrar for the Securities, (i) within 14 days after each record date for payment of Distributions, a list, in such form as the Property Trustee may reasonably require, of the names and addresses of the Holders (“List of
Holders”) as of such record date, provided that, neither the Sponsor nor the Administrative Trustees on behalf of the Trust shall be obligated to provide such List of Holders at any time that the List of Holders does not differ from the most
recent List of Holders given to the Property Trustee by the Sponsor and the Administrative Trustees on behalf of the Trust, and (ii) at any other time, within 30 days of receipt by the Trust of a written request for a List of Holders as of a
date no more than 14 days before such List of Holders is given to the Property Trustee. The Property Trustee shall preserve, in as current a form as is reasonably practicable, all information contained in Lists of Holders given to it or which it
receives in the capacity as Paying Agent (if acting in such capacity), provided that the Property Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 

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

 SECTION 2.3 Reports by the Property Trustee. 
 (a) By June 14 of each year, commencing June 14, 2002, the Property Trustee shall provide to the Holders of the Preferred Securities such reports, dated as of May 15 of each year, as are
required by § 313 of the Trust Indenture Act, if any, in the form and in the manner provided by § 313 of the Trust Indenture Act. The Property Trustee shall also comply with the requirements of § 313(d) of the Trust
Indenture Act. 
 (b) A copy of each report shall, at the time of transmission to the Holders be filed by the Property Trustee
with each national securities exchange national market or other organization upon which the Preferred Securities are listed, and also with the Commission and the Sponsor. The Sponsor and/or the Trust shall promptly notify the Property Trustee when
the Preferred Securities are listed on any national securities exchange, national market or other organizations and/or delisting thereof. 

SECTION 2.4 Periodic Reports to Property Trustee. 
 Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee and the Commission such documents, reports and information as are required by
§ 314 (if any) of the Trust Indenture Act and shall provide to the Property Trustee the compliance certificate required by § 314 of the Trust Indenture Act in the form, in the manner and at the times required by § 314
of the Trust Indenture Act. 

  
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 SECTION 2.5 Evidence of Compliance with Conditions Precedent. 

Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide to the Property Trustee such evidence of
compliance with any conditions precedent provided for in this Declaration that relate to any of the matters set forth in § 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to §
314(c)(1) of the Trust Indenture Act may be given in the form of an Officers’ Certificate. 
 SECTION 2.6 Events of Default; Waiver.

 (a) 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 in respect of the Preferred Securities and its consequences, provided that, if the underlying Event of Default under the Indenture: 

(i) is not waivable under the Indenture, the Event of Default under the Declaration shall also not be waivable; or 

(ii) requires the consent or vote of greater than a majority in aggregate principal amount of the holders of the Debentures (a
“Super Majority”) to be waived under the Indenture, the Event of Default under the Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Preferred Securities that the
relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding. 
 The foregoing provisions of this
Section 2.6(a) shall be in lieu of § 316(a)(1)(B) of the Trust Indenture Act and such § 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Declaration and the Securities, as permitted by the Trust
Indenture Act. Upon such waiver, any such Default shall cease to exist, and any Event of Default with respect to the Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of this Declaration, but no such waiver
shall extend to any subsequent or other Default or an Event of Default with respect to the Preferred Securities or impair any right consequent thereon. Any waiver by the Holders of the Preferred Securities of an Event of Default with respect to the
Preferred Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of any such Event of Default with respect to the Common Securities for all purposes of this Declaration without any further act, vote, or
consent of the Holders of the Common Securities. 

  
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 (b) The Holders of a Majority in Liquidation Amount of the Common Securities may, by vote,
on behalf of the Holders of all of the Common Securities, waive any past Event of Default with respect to the Common Securities and its consequences, provided, that, if the underlying Event of Default under the Indenture: 

(i) is not waivable under the Indenture, except where the Holders of the Common Securities are deemed to have waived such Event of
Default under the Declaration as provided below in this Section 2.6(b), the Event of Default under the Declaration shall also not be waivable; or 
 (ii) requires the consent or vote of a Super Majority to be waived, except where the Holders of the Common Securities are deemed to have waived such Event of Default under the Declaration as provided
below in this Section 2.6(b), the Event of Default under the Declaration may only be waived by the vote of the Holders of at least the proportion in aggregate liquidation amount of the Common Securities that the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding; 
 provided, further, each Holder of Common Securities
will be deemed to have waived any such Event of Default and all Events of Default with respect to the Common Securities and their consequences if all Events of Default with respect to the Preferred Securities have been cured, waived or otherwise
eliminated, and until such Events of Default have been so cured, waived or otherwise eliminated, the Property Trustee will be deemed to be acting solely on behalf of the Holders of the Preferred Securities and only the Holders of the Preferred
Securities will have the right to direct the Property Trustee in accordance with the terms of the Securities. The foregoing provisions of this Section 2.6(b) shall be in lieu of §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act and such §§ 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Declaration and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing provisions of
this Section 2.6(b), upon such waiver, any such Default shall cease to exist and any Event of Default with respect to the Common Securities arising therefrom shall be deemed to have been cured for every purpose of this Declaration, but no such
waiver shall extend to any subsequent or other Default or Event of Default with respect to the Common Securities or impair any right consequent thereon. 
 (c) A waiver of an Event of Default under the Indenture by the Property Trustee, at the direction of the Holders of the Preferred Securities, constitutes a waiver of the corresponding Event of Default
under this Declaration. The foregoing provisions of this Section 2.6(c) shall be in lieu of § 316(a)(1)(B) of the Trust Indenture Act and such § 316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this
Declaration and the Securities, as permitted by the Trust Indenture Act. 
 SECTION 2.7 Default; Notice. 

(a) The Property Trustee shall, within 90 days after a Responsible Officer has actual knowledge of the occurrence of a Default with
respect to the Securities, transmit by mail, first class postage prepaid, to the Holders, notices of all such Defaults, unless such Defaults have 

  
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been cured before the giving of such notice or previously waived; provided, however, that except in the case of a Default arising from the nonpayment of principal of or interest
(including Compounded Interest and Additional Sums (as such terms are defined in the Indenture), if any), on any of the Debentures, the Property Trustee shall be protected in withholding such notice if and so long as a Responsible Officer in good
faith determines that the withholding of such notice is in the interests of the Holders. 
 (b) The Property Trustee shall not
be deemed to have knowledge of any Default or Event of Default except: 
 (i) a Default or Event of Default under Sections
5.1(a) (other than the payment or nonpayment of Compounded Interest and Additional Sums) and 5.1(b) of the Indenture; or 

(ii) any Default or Event of Default as to which the Property Trustee shall have received written notice or of which a Responsible
Officer charged with the administration of the Declaration shall have actual knowledge. 
 (c) Within ten Business Days after a
Responsible Officer has actual knowledge of the occurrence of any Event of Default, the Property Trustee shall transmit notice of such Event of Default to the Holders of the Preferred Securities, by mail, first class postage prepaid, the
Administrative Trustees and the Sponsor, unless such Event of Default shall have been cured or waived. The Sponsor and the Administrative Trustees shall file annually with the Property Trustee a certification as to whether or not they are in
compliance with all the conditions and covenants applicable to them under this Declaration. 
 ARTICLE III 

ORGANIZATION 
 SECTION
3.1 Name. 
 The Trust is named VNB Capital Trust I as such name may be modified from time to time by the Administrative
Trustees following written notice to the Delaware Trustee, the Property Trustee and the Holders. The Trust’s activities may be conducted under the name of the Trust or any other name deemed advisable by the Administrative Trustees. 

SECTION 3.2 Office 
 The
address of the principal office of the Trust is c/o Valley National Bancorp, 1455 Valley Road, Wayne, New Jersey 07470. On ten Business Days’ prior written notice to the Delaware Trustee, the Property Trustee and the Holders of Securities, the
Administrative Trustees may designate another principal office. 

  
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 SECTION 3.3 Purpose. 
 The exclusive purposes and functions of the Trust are (a) to issue and sell the Securities, (b) use the proceeds from the sale of the Securities to acquire the Debentures, and (c) except as
otherwise limited herein, to engage in only those other activities necessary, advisable or incidental thereto, including without limitation, those activities specified in Sections 3.6, 3.8, 3.9, 3.10, 3.11 and/or 3.12. The Trust shall not borrow
money, issue debt or reinvest proceeds derived from investments, mortgage or pledge any of its assets, or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified for United States federal income
tax purposes as a grantor trust. 
 By the acceptance of this Trust, the Trustees, the Sponsor, the Holders of the Preferred
Securities and Common Securities and the Preferred Securities Beneficial Owners will agree to treat the Trust as a grantor trust for United States federal income tax purposes and not to take any position which is contrary to such classification.

 SECTION 3.4 Authority. 
 Subject to the limitations provided in this Declaration and to the specific duties of the Property Trustee, the Administrative Trustees shall have exclusive and complete authority to carry out the
purposes of the Trust. An action taken by one or more of the Administrative Trustees in accordance with their powers shall constitute the act of and serve to bind the Trust and an action taken by the Property Trustee on behalf of the Trust in
accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall be required to inquire into the authority of the Trustees to bind the Trust. Persons
dealing with the Trust are entitled to rely conclusively on the power and authority of the Trustees as set forth in this Declaration. 
 SECTION
3.5 Title to Property of the Trust. 
 Except as provided in Section 3.8 with respect to the Debentures and the
Property Trustee Account or as otherwise provided in this Declaration, legal title to all assets of the Trust shall be vested in the Trust. The Holders shall not have legal title to any part of the assets of the Trust, but shall have an undivided
beneficial interest in the assets of the Trust. 
 SECTION 3.6 Powers and Duties of the Administrative Trustees. 

The Administrative Trustees acting individually or together shall have the exclusive right, power, duty and authority, and are hereby
authorized and directed, to cause the Trust to engage in the following activities: 
 (a) to execute, enter into and deliver
and perform the Common Securities Subscription Agreement(s) and to execute, deliver, issue and sell the Securities in accordance with this Declaration; provided, however, that except as contemplated in Section 7.1(a), (i) the
Trust may issue no more than one series of Preferred Securities and no more than one series of Common Securities, (ii) there shall be no interests in the Trust other than the Securities, and (iii) the issuance of Securities shall be
limited to a simultaneous issuance of both Preferred Securities and Common Securities on the Closing Date; 

  
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 (b) in connection with the issue and sale of the Preferred Securities, at the direction of
the Sponsor, to: 
 (i) execute and file with the Commission, the Registration Statement, including the Prospectus, and any
amendments thereto prepared by the Sponsor, in relation to the offering and sale of Preferred Securities; 
 (ii) execute and
file any documents prepared by the Sponsor, or take any acts as determined by the Sponsor to be necessary in order to qualify or register all or part of the Preferred Securities under the federal securities laws or the securities laws of any State
in which the Sponsor has determined to qualify or register such Preferred Securities for sale; 
 (iii) execute and file any
document, prepared by the Sponsor, to permit the Preferred Securities to trade or be quoted or listed in or on the New York Stock Exchange or any other securities exchange, quotation system or the Nasdaq National Market; 

(iv) execute, enter into and deliver any letters, documents or instruments with DTC and other Clearing Agencies relating to the
Preferred Securities; and 
 (v) if required, execute and file with the Commission a registration statement on Form 8-A,
including any amendments thereto, prepared by the Sponsor, relating to the registration of the Preferred Securities under Section 12(b) or 12(g) of the Exchange Act, as the case may be. 

(c) to execute, enter into, deliver and perform its obligations under the Debenture Subscription Agreement(s) and to acquire the
Debentures with the proceeds from the issuance of the Preferred Securities and the Common Securities; provided, however, that the Administrative Trustees shall cause legal title to the Debentures to be held of record in the name of the
Property Trustee for the benefit of the Holders; 
 (d) to give the Sponsor and the Property Trustee prompt written notice of
the occurrence of a Special Event; 
 (e) to establish a record date with respect to all actions to be taken hereunder that
require a record date to be established, including and with respect to, for the 

  
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purposes of § 316(c) of the Trust Indenture Act, Distributions, voting rights, redemptions and exchanges, and to issue relevant notices to the Holders with respect to such actions and
applicable record dates; 
 (f) to take all actions and perform such duties as may be required of the Administrative Trustees
pursuant to the terms of the Securities; 
 (g) to the fullest extent permitted by law, to bring or defend, pay, collect,
compromise, arbitrate, resort to legal action, or otherwise adjust claims or demands of or against the Trust (“Legal Action”), unless pursuant to Section 3.8(e), the Property Trustee has the exclusive power to bring such Legal Action;

 (h) to employ or otherwise engage employees, agents (who may be designated as officers with titles), managers, contractors,
advisors, and consultants and pay reasonable compensation for such services, provided that such person is a United States person as defined in Section 7701(a)(30) of the Code; 

(i) to cause the Trust to comply with the Trust’s obligations under the Trust Indenture Act; 

(j) to give the certificate required by § 314(a)(4) of the Trust Indenture Act to the Property Trustee, which certificate may be
executed by any Administrative Trustee; 
 (k) to incur expenses that are necessary or incidental to carry out any of the
purposes of the Trust; 
 (l) to act as, or appoint another Person to act as, Registrar for the Securities or to appoint a
Paying Agent for the Securities as provided in Section 7.4 except for such time as such power to appoint a Paying Agent is vested in the Property Trustee; 
 (m) to give prompt written notice to the Property Trustee and to the Holders of any notice received from the Sponsor of its election to defer payments of interest on the Debentures by extending the
interest payment period under the Indenture; 
 (n) to take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory business trust under the laws of the State of Delaware and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders or to enable the Trust to effect the purposes for which the Trust was created; 

(o) to take any action, not inconsistent with this Declaration or with applicable law, that the Administrative Trustees determine in
their discretion to be necessary or desirable in carrying out the activities of the Trust as set out in this Section 3.6, including, but not limited to: 
 (i) causing the Trust not to be deemed to be an Investment Company required to be registered under the Investment Company Act; 

  
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 (ii) causing the Trust to continue to be classified for United States federal income tax
purposes as a grantor trust; and 
 (iii) cooperating with the Sponsor to ensure that the Debentures will be treated as
indebtedness of the Sponsor for United States federal income tax purposes; 
 (p) to take all action necessary to cause the
effectiveness of the Registration Statement under the Securities Act and the qualification of the Indenture under the Trust Indenture Act; 
 (q) to take all action necessary to cause all applicable tax returns and tax information reports that are required to be filed with respect to the Trust to be duly prepared and filed by the Administrative
Trustees, on behalf of the Trust; 
 (r) to the extent provided in this Declaration and at the direction of the Sponsor, to
take all action necessary to dissolve and liquidate the Trust and to prepare, execute and file a certificate of cancellation with the Secretary of State of the State of Delaware; 

(s) to execute, deliver and perform its obligations under the Common Securities Subscription Agreement(s), and 

(t) to execute and deliver all documents, agreements, certificates and instruments, exercise all rights and powers, perform all duties
and do all things for and on behalf of the Trust in all matters necessary, advisable or incidental to the foregoing or the transactions contemplated thereby. 
 The Administrative Trustees must exercise the powers set forth in this Section 3.6 in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and the
Administrative Trustees shall not take any action that is inconsistent with the purposes and functions of the Trust set forth in Section 3.3. 
 Subject to this Section 3.6, the Administrative Trustees shall have none of the powers or the authority of the Property Trustee set forth in Section 3.8. 

Any expenses incurred by the Administrative Trustees pursuant to this Section 3.6 shall be reimbursed by the Sponsor. 

  
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 SECTION 3.7 Prohibition of Actions by the Trust and the Trustees. 

The Trust shall not, and the Trustees (including the Property Trustee, the Delaware Trustee and the Administrative Trustees) shall cause
the Trust not to, engage in any activity other than as required or authorized by this Declaration. Notwithstanding any provision in this Declaration to the contrary, the Trust shall not: 

(i) invest any proceeds received by the Trust from holding the Debentures, but shall distribute all such proceeds to Holders pursuant to
the terms of this Declaration and of the Securities; 
 (ii) acquire any assets other than as expressly provided herein;

 (iii) possess Trust Property for other than a Trust purpose or execute any mortgage in respect of, or pledge, any Trust
Property; 
 (iv) make any loans or incur any indebtedness other than loans represented by the Debentures; 

(v) possess any power or otherwise act in such a way as to vary the Trust Property or the terms of the Securities in any way whatsoever
(except to the extent expressly authorized in this Declaration or by the terms of the Securities); 
 (vi) issue any securities
or other evidences of beneficial ownership of, or beneficial interest in, the Trust other than the Securities; 
 (vii) other
than as provided in this Declaration or Annex I hereto, (A) direct the time, method and place of conducting any proceeding with respect to any remedy available to the Debenture Trustee, or exercising any trust or power conferred upon the
Debenture Trustee with respect to the Debentures, (B) waive any past default that is waivable under the Indenture, or (C) exercise any right to rescind or annul any declaration that the principal of all the Debentures shall be due and
payable; 
 (viii) consent to any amendment, modification or termination of the Indenture or the Debentures where such consent
shall be required unless the Trust shall have received an opinion of independent tax counsel experienced in such matters to the effect that such amendment, modification or termination will not cause more than an insubstantial risk that the Trust
will not be classified as a grantor trust for United States federal income tax purposes; or 
 (ix) take any action
inconsistent with the status of the Trust as a grantor trust for United States federal income tax purposes. 

  
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 SECTION 3.8 Powers and Duties of the Property Trustee. 

(a) The legal title to the Debentures shall be owned by and held of record in the name of the Property Trustee in trust for the benefit
of the Trust and the Holders. The right, title and interest of the Property Trustee to the Debentures shall vest automatically in each Person who may hereafter be appointed as Property Trustee in accordance with Section 5.6. Such vesting and
cessation of title shall be effective whether or not conveyancing documents with regard to the Debentures have been executed and delivered. 
 (b) The Property Trustee shall not transfer its right, title and interest in the Debentures to the Administrative Trustees or to the Delaware Trustee (if the Property Trustee does not also act as Delaware
Trustee). 
 (c) The Property Trustee shall: 
 (i) establish and maintain a segregated non-interest bearing trust account (the “Property Trustee Account”) in the name of and under the exclusive control of the Property Trustee on behalf of
the Holders and, upon the receipt of payments of funds made in respect of the Debentures held by the Property Trustee, deposit such funds into the Property Trustee Account and make payments or cause the Paying Agent to make payments to the Holders
from the Property Trustee Account in accordance with Section 6.1; funds in the Property Trustee Account shall be held uninvested until disbursed in accordance with this Declaration; and the Property Trustee Account shall be an account that is
maintained with a banking institution the rating on whose long-term unsecured indebtedness by a “nationally recognized statistical rating organization,” as that term is defined for purposes of Rule 436(g)(2) under the Securities Act, is at
least equal to the rating assigned to the Preferred Securities, unless the Preferred Securities are not rated, in which case the banking institution’s long-term unsecured indebtedness shall be rated at least investment grade by a
“nationally recognized statistical rating organization;” 
 (ii) engage in such ministerial activities as shall be
necessary or appropriate to effect the redemption of the Securities to the extent the Debentures are redeemed or mature; and 

(iii) upon written notice of distribution issued by the Administrative Trustees in accordance with the terms of the Securities, engage
in such ministerial activities as shall be necessary or appropriate to effect the distribution of the Debentures to Holders upon the occurrence of certain events. 
 (d) The Property Trustee shall take all actions and perform such duties as may be specifically required of the Property Trustee pursuant to the terms of this Declaration and the Securities. 

  
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 (e) Subject to Section 3.9(a), the Property Trustee shall take any Legal Action which
arises out of or in connection with an Event of Default of which a Responsible Officer has actual knowledge or the Property Trustee’s duties and obligations under this Declaration or the Trust Indenture Act. If the Property Trustee fails to
enforce its rights under the Debentures after a Holder of Securities has made a written request, such Holder of Securities may, to the extent permitted by applicable law, institute a legal proceeding directly against the Sponsor to enforce the
Property Trustee’s rights under the Indenture without first instituting any legal proceeding against the Property Trustee or any other Person. If an Event of Default has occurred and is continuing and such event is attributable to the failure
of the Sponsor to pay the principal of or interest (including Compounded Interest and Additional Sums, if any) on the Debentures on the date such principal or interest (including Compounded Interest and Additional Sums, if any) is otherwise payable
(or in the case of redemption, on the redemption date), then a Holder of Preferred Securities may directly institute a proceeding against the Sponsor for enforcement of payment to such Holder of the principal of or interest (including Compounded
Interest and Additional Sums, if any) on the Debentures having a principal amount equal to the aggregate liquidation amount of the Preferred Securities of such Holder (a “Direct Action”) on or after the respective due date specified in the
Debentures. In connection with such Direct Action, the Holders of the Common Securities will be subrogated to the rights of such Holder of Preferred Securities to the extent of any payment made by the Sponsor to such Holder of Preferred Securities
in such Direct Action. 
 Except as provided in the preceding sentences, the Holders of Preferred Securities will not be able to
exercise directly any other remedy available to the holders of the Debentures. 
 (f) The Property Trustee shall continue to
serve as a Trustee until either: 
 (i) the Trust has been completely liquidated and the proceeds of the liquidation
distributed to the Holders pursuant to the terms of the Securities and this Declaration; or 
 (ii) a successor Property
Trustee has been appointed and has accepted that appointment in accordance with Section 5.6 (a “Successor Property Trustee”). 
 (g) The Property Trustee shall have the legal power to exercise all of the rights, powers and privileges of a holder of Debentures under the Indenture and, if an Event of Default actually known to a
Responsible Officer occurs and is continuing, the Property Trustee shall, for the benefit of Holders, enforce its rights as holder of the Debentures subject to the rights of the Holders pursuant to the terms of this Declaration and the Securities.

 (h) The Property Trustee shall be authorized to undertake any actions set forth in § 317(a) of the Trust Indenture Act.

 (i) For such time as the Property Trustee is the Paying Agent, the Property Trustee may authorize one or more Persons to act
as additional Paying Agents and to pay 

  
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Distributions, redemption payments or liquidation payments on behalf of the Trust with respect to all Securities and any such Paying Agent shall comply with § 317(b) of the Trust Indenture
Act. Any such additional Paying Agent may be removed by the Property Trustee at any time the Property Trustee remains as Paying Agent and a successor Paying Agent or additional Paying Agents may be (but are not required to be) appointed at any time
by the Property Trustee while the Property Trustee is acting as Paying Agent. 
 (j) Subject to this Section 3.8, the
Property Trustee shall have none of the duties, liabilities, powers or the authority of the Administrative Trustees set forth in Section 3.6. 
 Notwithstanding anything expressed or implied to the contrary in this Declaration or any Annex or Exhibit hereto, (i) the Property Trustee must exercise the powers set forth in this Section 3.8
in a manner that is consistent with the purposes and functions of the Trust set out in Section 3.3, and (ii) the Property Trustee shall not take any action that is inconsistent with the purposes and functions of the Trust set out in
Section 3.3. 
 SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee. 

(a) The Property Trustee, before the occurrence of any Event of Default (of which, other than in the case of Events of Default under
Sections 5.1(a) and 5.1(b) of the Indenture, which the Property Trustee is deemed to have knowledge of as provided in Section 2.7(b) hereof, a Responsible Officer of the Property Trustee has actual knowledge) and after the curing or waiving of
all such Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Declaration and in the Securities and no implied covenants shall be read into this Declaration against the Property
Trustee. If no Event of Default exists and the Property Trustee is required to decide between alternative courses of action or to construe ambiguous provisions in this Declaration or is unsure of the application of any provision of this Declaration,
and the matter is not one on which Holders are entitled under this Declaration to vote, then the Property Trustee shall take such action as directed by the Sponsor and, if not directed, shall take such action as it deems advisable and in the best
interests of the Holders and will have no liability, except for its own bad faith, negligence or willful misconduct. In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6) of which a Responsible
Officer has actual knowledge, the Property Trustee shall exercise such of the rights and powers vested in it by this Declaration, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs. 

  
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 (b) No provision of this Declaration shall be construed to relieve the Property 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 an Event of Default (of which, other than in the case of Events of Default under Sections 5.1(a) and 5.1(b) of the Indenture, which the Property Trustee is deemed to have knowledge of as provided in Section 2.7(b)
hereof, a Responsible Officer of the Property Trustee has actual knowledge) and after the curing or waiving of all such Events of Default that may have occurred: 
 (A) the duties and obligations of the Property Trustee shall be determined solely by the express provisions of this Declaration and in the Securities and the Property Trustee shall not be liable except
for the performance of such duties and obligations as are specifically set forth in this Declaration and in the Securities, and no implied covenants or obligations shall be read into this Declaration against the Property Trustee; and 

(B) in the absence of bad faith on the part of the Property Trustee, the Property 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 Property Trustee and conforming to the requirements of this Declaration; provided, however, that in the case of any
such certificates or opinions that by any provision hereof are specifically required to be furnished to the Property Trustee, the Property Trustee shall be under a duty to examine the same to determine whether or not on their face they conform to
the requirements of this Declaration; 
 (ii) the Property Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Property 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 a Majority in Liquidation
Amount of the Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Declaration; 

(iv) no provision of this Declaration shall require the Property 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; 
 (v) the
Property Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Debentures and the Property Trustee Account shall be to deal with such property in a similar manner as the Property Trustee deals with
similar property for its own account, subject to the protections and limitations on liability afforded to the Property Trustee under this Declaration and the Trust Indenture Act; 

(vi) the Property Trustee shall have no duty or liability for or with respect to the value, genuineness, existence or sufficiency of the
Debentures or the payment of any taxes or assessments levied thereon or in connection therewith; 

  
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 (vii) the Property Trustee shall not be liable for any interest on any money received by it
except as it may otherwise agree in writing with the Sponsor. Money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Property Trustee Account maintained by the Property Trustee pursuant to
Section 3.8(c)(i) and except to the extent otherwise required by law; and 
 (viii) the Property Trustee shall not be
responsible for monitoring the compliance by the Administrative Trustees or the Sponsor with their respective duties under this Declaration, nor shall the Property Trustee be liable for any default or misconduct of the Administrative Trustees or the
Sponsor. 
 SECTION 3.10 Certain Rights of Property Trustee. 
 (a) Subject to the provisions of Section 3.9: 
 (i) the Property 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 Sponsor or the Administrative Trustees contemplated by this Declaration may be sufficiently evidenced by an Officers’ Certificate; 

(iii) whenever in the administration of this Declaration, the Property Trustee shall deem it desirable that a matter be proved or
established before taking, suffering or omitting any action hereunder, the Property 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 Sponsor or the Administrative Trustees; 

(iv) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including any financing
or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or registration thereof; 

(v) the Property Trustee may consult with counsel or other experts of its selection, and the advice or opinion of such counsel and
experts with respect to legal matters or advice within the scope of such experts’ area of expertise 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 Sponsor or any of its Affiliates, and may include any of its employees; and the Property Trustee shall have the right at any time to seek instructions concerning the
administration of this Declaration from any court of competent jurisdiction; 

  
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 (vi) the Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Declaration at the request or direction of any Holder, unless such Holder shall have provided to the Property Trustee security and indemnity, reasonably satisfactory to the Property Trustee, against the costs, expenses
(including reasonable attorneys’ fees and expenses and the expenses of the Property Trustee’s agents, nominees or 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 Property Trustee; provided, however, that, nothing contained in this Section 3.10(a)(vi) shall be taken to relieve the Property Trustee, upon the occurrence of an Event of Default (of
which, other than in the case of Events of Default under Sections 5.1(a) and 5.1(b) of the Indenture, which the Property Trustee is deemed to have knowledge of as provided in Section 2.7(b) hereof, a Responsible Officer of the Property Trustee
has actual knowledge), of its obligation to exercise the rights and powers vested in it by this Declaration; 
 (vii) the
Property 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 Property Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit; 

(viii) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents, custodians, nominees or attorneys, and the Property Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, custodian, nominee or attorney appointed with due care by it hereunder, provided
that such agent, custodian, nominee or attorney is a United States person as defined in Section 7701(a)(30) of the Code; 

(ix) any action taken by the Property Trustee or its agents hereunder shall bind the Trust and the Holders, and the signature of the
Property Trustee or its agents alone shall be sufficient and effective to perform any such action and no third party shall be required to inquire as to the authority of the Property Trustee to so act or as to its compliance with any of the terms and
provisions of this Declaration, both of which shall be conclusively evidenced by the Property Trustee’s or its agent’s taking such action; 
 (x) whenever in the administration of this Declaration the Property Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action
hereunder, the Property Trustee (i) may request instructions from the Holders which instructions may only be given by the Holders of the same proportion in liquidation amount of the Securities as would be entitled to direct the Property Trustee
under the terms of the Securities in respect of such remedy, right or action, (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; 

  
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 (xi) except as otherwise expressly provided by this Declaration, the Property Trustee shall
not be under any obligation to take any action that is discretionary under the provisions of this Declaration; and 
 (xii) the
Property Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith, without negligence or willful misconduct, and reasonably believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Declaration. 
 (b) No provision of this Declaration shall be deemed to impose any duty or obligation
on the Property 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 Property 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 Property Trustee shall be construed to be a duty. 

SECTION 3.11 Delaware Trustee. 
 Notwithstanding any other provision of this Declaration other than Section 5.2, the Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the
duties and responsibilities of the Administrative Trustees or Property Trustee described in this Declaration (except as required under the Business Trust Act). Except as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for the
sole and limited purpose of fulfilling the requirements of § 3807 of the Business Trust Act. In the event the Delaware Trustee shall at any time be required to take any action or perform any duty hereunder, the Delaware Trustee shall be
entitled to the benefits of Section 3.9(b)(ii) to (viii), inclusive, and Section 3.10. No implied covenants or obligations shall be read into this Declaration against the Delaware Trustee. The duties of the Delaware Trustee shall be
limited to (a) accepting legal process served on the Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Delaware Secretary of State which the Delaware Trustee is required to execute under
Section 3811 of the Business Trust Statute. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Holders, it is hereby understood and agreed
by the other parties hereto and the Holders that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth in this Agreement. 
 SECTION 3.12 Execution of Documents. 
 Unless otherwise required by
applicable law, each Administrative Trustee, individually, is authorized to execute and deliver on behalf of the Trust any documents, agreements, instruments or certificates that the Administrative Trustees have the power and authority to execute
pursuant to Section 3.6. 

  
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 SECTION 3.13 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained in this Declaration and the Securities shall be taken as the statements of the Sponsor, and the Trustees do not
assume any responsibility for their correctness. The Trustees make no representations as to the value or condition of the Trust Property or any part thereof. The Trustees make no representations as to the validity or sufficiency of this Declaration
or the Securities. 
 SECTION 3.14 Duration of Trust. 
 The Trust, unless earlier dissolved pursuant to the provisions of Article VIII hereof, shall dissolve on November 7, 2032. 
 SECTION 3.15 Mergers. 
 (a) The Trust may not merge with or into,
consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to any Person, except as described in Section 3.15(b) and (c) and except with respect to the
distribution of Debentures to Holders pursuant to Section 8.1(a)(iii) of this Declaration or Section 3 of Annex I. 

(b) The Trust may, at the request of the Sponsor, with the consent of the Administrative Trustees or, if there are more than two, a
majority of the Administrative Trustees and without the consent of the Holders, the Delaware Trustee or the Property Trustee, merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets as
an entirety or substantially as an entirety to, a trust organized as such under the laws of any State; provided that: 
 (i)
such successor entity (the “Successor Entity”) either: 
 (A) expressly assumes all of the obligations of the Trust
under the Securities; or 
 (B) substitutes for the Securities other securities having substantially the same terms as the
Securities (the “Successor Securities”) so long as the Successor Securities rank the same as the Securities rank in priority with respect to Distributions and payments upon liquidation, redemption and otherwise; 

(ii) the Sponsor expressly appoints a trustee of the Successor Entity that possesses the same powers and duties as the Property Trustee
with respect to the Debentures; 

  
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 (iii) the Successor Securities (excluding any securities substituted for the Common
Securities) are listed, quoted or included for trading, or any Successor Securities will be listed, quoted or included for trading upon notification of issuance, on any national securities exchange or with any other organization on which the
Preferred Securities are then listed, quoted or included; 
 (iv) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not cause the Preferred Securities (including any Successor Securities) or the Debentures to be downgraded by any nationally recognized statistical rating organization that publishes a rating on the Preferred
Securities or the Debentures; 
 (v) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders (including the holders of any Successor Securities) in any material respect (other than with respect to any dilution of the interests of such Holders or holders, as the case
may be, in the Successor Entity); 
 (vi) the Successor Entity has a purpose substantially identical to that of the Trust;

 (vii) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Sponsor has
received an opinion of independent counsel to the Trust experienced in such matters to the effect that: 
 (A) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders (including the holders of any Successor Securities) in any material respect (other than with
respect to any dilution of the interests of such Holders or holders, as the case may be, in the Successor Entity); 
 (B)
following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the Trust nor the Successor Entity will be required to register as an Investment Company; and 

(C) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Trust (or the Successor Entity)
will continue to be classified as a grantor trust for United States federal income tax purposes; 
 (viii) the Sponsor or any
permitted successor or assignee of the Sponsor owns all of the common securities of the Successor Entity and guarantees the obligations of the Successor Entity under the Successor Securities at least to the extent provided by the Securities
Guarantees; and 

  
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 (ix) there shall have been furnished to the Property Trustee an Officers’ Certificate
and an Opinion of Counsel, each to the effect that all conditions precedent in this Declaration to such transaction have been satisfied. 
 (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of Holders of 100% in aggregate liquidation amount of the Securities, consolidate, amalgamate, merge with or into, or
be replaced by, or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to, any other Person or permit any other Person to consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the Successor Entity not to be classified as a grantor trust for United States federal income tax purposes. 

SECTION 3.16 Property Trustee May File Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Trust or any
other obligor upon the Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of any Distributions owing and unpaid in
respect of the Securities (or, if the Securities are original issue discount Securities, such portion of the liquidation amount as may be specified in the terms of such Securities) and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; and any custodian, receiver, assignee, trust, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Property Trustee and, in the event
the Property Trustee shall consent to the making of such payments directly to the holders, to pay to the Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and
counsel, and any other amounts due the Property Trustee. 
 Nothing herein contained shall be deemed to authorize the Property
Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, 

  
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arrangement adjustment or compensation affecting the Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any such
proceeding. 
 ARTICLE IV 
 SPONSOR 
 SECTION 4.1 Sponsor’s Purchase of Common Securities. 

At the Closing Date and each Date of Delivery the Sponsor will purchase all of the Common Securities then issued by the Trust, in an
amount equal to at least 3% of the total capital of the Trust, at the same time as the Preferred Securities are issued and sold. 
 SECTION 4.2
Responsibilities of the Sponsor. 
 In connection with the issue and sale of the Preferred Securities, the Sponsor shall
have the exclusive right and responsibility to engage in, or direct the Administrative Trustees to engage in, the following activities: 
 (a) to prepare and file with the Commission the Registration Statement, including any amendments thereto, and the Prospectus; 
 (b) to determine the states of the United States in which to take appropriate action to qualify or register for sale all or part of the Preferred Securities and to do any and all such acts, other than
actions which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for execution and filing any documents to be executed and filed by the Trust, as the Sponsor deems necessary or advisable in order to comply with the
applicable laws of any such states; 
 (c) if deemed necessary or advisable by the Sponsor, to prepare for filing by the Trust
an application to permit the Preferred Securities to trade or be quoted or listed in or on the New York Stock Exchange, or any other securities exchange, quotation system or the Nasdaq National Market; 

(d) to prepare for filing by the Trust with the Commission a registration statement on Form 8-A, including any amendments thereto,
relating to the registration of the Preferred Securities under Section 12(b) or 12(g) of the Exchange Act, as the case may be, including any amendments thereto; and 
 (e) to negotiate the terms of, execute, enter into and deliver the Underwriting Agreement. 

  
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 SECTION 4.3 Right to Proceed. 

The Sponsor acknowledges the rights of the Holders of Preferred Securities described in Section 3.8(e) hereof. 

SECTION 4.4 Right to Dissolve Trust. 
 The Sponsor will have the right at any time to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust as required by applicable law, to cause the Debentures to be distributed
to the Holders in liquidation of the Trust. Such right is subject to the Sponsor’s having received (i) an Opinion of Counsel to the effect that such distribution will not cause the Holders of Preferred Securities to recognize gain or loss
for United States federal income tax purposes and (ii) all required regulatory approvals. 
 ARTICLE V 

TRUSTEES 
 SECTION 5.1
Number of Trustees; Appointment of Co-Trustee. 
 The number of Trustees initially shall be five (5), and: 

(a) at any time before the issuance of any Securities, the Sponsor may, by written instrument, increase or decrease the number of
Trustees; and 
 (b) after the issuance of any Securities, the number of Trustees may be increased or decreased by vote of the
Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; 

provided, however, that, the number of Trustees shall in no event be less than two (2); provided further that (1) one
Trustee, in the case of a natural person, shall be a person who is at least 21 years of age and who is a resident of the State of Delaware or that, if not a natural person, is an entity which has its principal place of business in the State of
Delaware (the “Delaware Trustee”); (2) there shall be at least one Trustee who is an employee or officer of, or is affiliated with, the Sponsor (an “Administrative Trustee”); and (3) one Trustee shall be the Property
Trustee for so long as this Declaration is required to qualify as an indenture under the Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it meets the applicable requirements. Notwithstanding the above, unless an Event of
Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holders
of a Majority in Liquidation Amount of the Common Securities acting as a 

  
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class at a meeting of the Holders of the Common Securities, and the Administrative Trustees shall have power to appoint one or more Persons either to act as a co-trustee, jointly with the
Property Trustee, of all or any part of the Trust Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in such
capacity any property, title, right or power deemed necessary or desirable, subject to the provisions of this Declaration, including Sections 5.3 and 13.1 hereof. In case an Event of Default has occurred and is continuing, the Property Trustee alone
shall have power to make any such appointment of a co-trustee and any such co-trustee may be removed in accordance with Section 5.6(iii); 
 (c) at all times the Property Trustee must be (i) a bank as defined in Section 581 of the Code or (ii) a United States government-owned agency or United States government-sponsored
enterprise; and 
 (d) at all times, each Trustee must be a United States person as defined in Section 7701(a)(30) of the
Code. 
 SECTION 5.2 Delaware Trustee. 
 For so long as required by the Business Trust Act, the Delaware Trustee shall be: 

(a) a natural person who is a resident of the State of Delaware; or 

(b) if not a natural person, an entity which has its principal place of business in the State of Delaware, and otherwise meets the
requirements of applicable law, 
 provided, however, that, if the Property Trustee has its principal place of business in the
State of Delaware and otherwise meets the requirements of applicable law, then the Property Trustee shall also be the Delaware Trustee and Section 3.11 shall have no application. 

The initial Delaware Trustee shall be: 
 The Bank of New York (Delaware) 
 White Clay Center 

Route 273 

Newark, Delaware 19711 
 Attn: Corporate Trust Department 
 Telephone: 

Telecopier: 

  
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 SECTION 5.3 Property Trustee; Eligibility. 

(a) There shall at all times be one Trustee (the “Property Trustee”) which shall act as Property Trustee and which shall:

 (i) not be an Affiliate of the Sponsor; 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 Commission to act as an indenture trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($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 5.3(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 Property Trustee shall cease to be eligible to so act under Section 5.3(a), the Property Trustee
shall immediately resign in the manner and with the effect set forth in Section 5.6(c). 
 (c) If the Property Trustee has
or shall acquire any “conflicting interest” within the meaning of § 330(b) of the Trust Indenture Act, the Property Trustee and the Holder of the Common Securities (as if it were the obligor referred to in § 310(b) of the Trust
Indenture Act) shall in all respects comply with the provisions of § 310(b) of the Trust Indenture Act. 
 (d) The
Preferred Securities Guarantee shall be deemed to be specifically described in this Declaration for purposes of clause (i) of the first proviso contained in § 310 (b) of the Trust Indenture Act. 

(e) The initial Property Trustee shall be: 
 The Bank of New York 
 5 Penn Plaza, 13th Floor 

New York, New York 10001 
 Attn: Corporate Trust Trustee Administration 
 Telephone: 212-328-7629 

Telecopier: 212-896-7298 

  
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 SECTION 5.4 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally.

 Each Administrative Trustee and the Delaware Trustee (unless the Property Trustee also acts as Delaware Trustee) shall be
either a natural person who is at least 21 years of age or a legal entity that shall act through one or more Authorized Officers. 
 SECTION 5.5
Administrative Trustees. 
 The initial Administrative Trustees shall be: 

Gerald H. Lipkin 
 Alan D. Eskow 
 Jack Blackin 

c/o Valley National Bancorp 
 1455 Valley Road 
 Wayne, New Jersey 07470 

Telephone: 973-305-8800 
 Telecopier: 973-305-8415 
 (a) Except as otherwise expressly set forth in this
Declaration and except if a meeting of the Administrative Trustees is called with respect to any matter over which the Administrative Trustees have power to act, any power of the Administrative Trustees may be exercised by, or with the consent of,
any one such Administrative Trustee. 
 (b) Unless otherwise required by the Business Trust Act or other applicable law, any
Administrative Trustee acting alone is authorized to execute on behalf of the Trust any documents which the Administrative Trustees have the power and authority to cause the Trust to execute pursuant to Section 3.6. 

(c) An Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the
age of 21 his or her power for the purposes of signing any documents which the Administrative Trustees have power and authority to cause the Trust to execute pursuant to Section 3.6. 
 SECTION 5.6 Appointment, Removal and Resignation of Trustees. 
 (a) Subject
to Section 5.6(b) hereof and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time: 
 (i) until the issuance of any Securities, by written instrument executed by the Sponsor; 

  
 33 









 (ii) unless an Event of Default shall have occurred and be continuing after the issuance of
any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and 

(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Securities, with respect to the Property
Trustee or the Delaware Trustee, only by vote of Holders of a Majority in Liquidation Amount of the Preferred Securities voting as a class, and with respect to the Administrative Trustees, in the manner set forth in Section 5.6(a)(ii) hereof.

 (b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 5.6(a) until a
Successor Property Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the Sponsor; and

 (ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 5.6(a) until a
successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 5.2 and 5.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor
Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor. 

(c) A Trustee appointed to office shall hold office until his successor shall have been appointed or until his death, removal or
resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect
upon such delivery or upon such later date as is specified therein; provided, however, that: 
 (i) No such
resignation of the Trustee that acts as the Property Trustee shall be effective: 
 (A) until a Successor Property Trustee has
been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the
resigning Property Trustee; or 
 (B) until the assets of the Trust have been completely liquidated and the proceeds thereof
distributed to the Holders; and 

  
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 (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not
also the Property Trustee), the Sponsor and the resigning Delaware Trustee. 
 (d) The Holders of the Common Securities or, if
an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Preferred Securities shall use their best efforts to promptly appoint a Successor Property Trustee or Successor Delaware Trustee, as
the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 5.6. 
 (e) If no Successor Property Trustee or Successor Delaware Trustee shall have been appointed and accepted appointment as provided in this Section 5.6 within 60 days after delivery of an instrument of
resignation or removal, the Property Trustee or Delaware Trustee resigning or being removed, as applicable, may petition any court of competent jurisdiction for appointment of a Successor Property Trustee or Successor Delaware Trustee. Such court
may thereupon, after prescribing such notice, if any, as it may deem proper to prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be. 

(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or
Successor Delaware Trustee, as the case may be. 
 (g) At the time of resignation or removal of the Property Trustee or the
Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4. 
 (h) Any successor Delaware Trustee shall file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the name and principal place of business of such
Successor Delaware Trustee in the State of Delaware. 
 SECTION 5.7 Vacancies among Trustees. 

If a Trustee ceases to hold office for any reason and the number of Trustees is not reduced pursuant to Section 5.l, or if the
number of Trustees is increased pursuant to Section 5.1, a vacancy shall occur. A resolution certifying the existence of such vacancy by the Administrative Trustees or, if there are more than two, a majority of the Administrative Trustees shall
be conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with Section 5.6. 

  
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 SECTION 5.8 Effect of Vacancies. 

The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence or incapacity to perform the duties of a
Trustee shall not operate to dissolve, liquidate or annul the Trust or to terminate this Declaration. Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative
Trustee in accordance with Section 5.6, the Administrative Trustees in office, regardless of their number, shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative
Trustees by this Declaration. 
 SECTION 5.9 Meetings. 
 If there is more than one Administrative Trustee, meetings of the Administrative Trustees shall be held from time to time upon the call of any Administrative Trustee. Regular meetings of the
Administrative Trustees may be held at a time and place fixed by resolution of the Administrative Trustees. Notice of any in-person meetings of the Administrative Trustees shall be hand delivered or otherwise delivered in writing (including by
facsimile, with a hard copy by overnight courier) not less than 24 hours before such meeting. Notice of any telephonic meetings of the Administrative Trustees or any committee thereof shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of the meeting. The presence (whether in person or by
telephone) of an Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except where an Administrative Trustee attends a meeting for the express purpose of objecting to the transaction of any activity on the ground
that the meeting has not been lawfully called or convened. Unless provided otherwise in this Declaration, any action of the Administrative Trustees may be taken at a meeting by vote of a majority of the Administrative Trustees present (whether in
person or by telephone) and eligible to vote with respect to such matter, provided that, a Quorum is present, or without a meeting by the unanimous written consent of the Administrative Trustees. In the event there is only one Administrative
Trustee, any and all action of such Administrative Trustee shall be evidenced by a written consent of such Administrative Trustee. 
 SECTION
5.10 Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 3.6, including any registration statement or amendment thereto filed with the Commission, or making any
other governmental filing; provided that such person is a United States person as defined in Section 7701(a)(30) of the Code; and 

  
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 (b) The Administrative Trustees shall have power to delegate from time to time to such of
their number or to officers of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to
the extent such delegation is not prohibited by applicable law or contrary to the provisions of this Declaration; provided that such person is a United States person as defined in Section 7701(a)(30) of the Code. 

SECTION 5.11 Merger, Conversion, Consolidation or Succession to Business. 

Any Person into which the Property Trustee or the Delaware Trustee or any Administrative Trustee that is not a natural person, as the
case may be, may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Property Trustee or the Delaware Trustee, as the case may be, shall be a party, or any
Person succeeding to all or substantially all the corporate trust business of the Property Trustee or the Delaware Trustee, as the case may be, shall be the successor of the Property Trustee or the Delaware Trustee, as the case may be, hereunder,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided such Person shall be otherwise qualified and eligible under this Article and provided further that such Person shall file an amendment
to the Certificate of Trust with the Delaware Secretary of State as contemplated in Section 5.6(h). 
 ARTICLE VI

 DISTRIBUTIONS 
 SECTION 6.1 Distributions. 
 Holders shall receive Distributions in
accordance with the applicable terms of the relevant Holder’s Securities. If and to the extent that the Sponsor makes a payment of interest (including Compounded Interest and Additional Sums) and/or principal on the Debentures held by the
Property Trustee with respect to the Debentures held by the Property Trustee (the amount of any such payment being a “Payment Amount”), the Property Trustee shall and is directed, to the extent funds are available for that purpose, to make
a distribution (a “Distribution”) of the Payment Amount to Holders in accordance with the terms of the Securities, subject to Section 9 of Annex I. 
 SECTION 6.2 Redemption. 
 The Trust shall redeem the Securities in
accordance with the applicable terms of the relevant Holders’ Securities. 

  
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 ARTICLE VII 
 ISSUANCE OF SECURITIES 
 SECTION 7.1 General Provisions Regarding Securities.

 (a) The Administrative Trustees shall, on behalf of the Trust, issue one class of Trust Originated
Preferred Securitiessm (“TOPrSsm”) (the “Preferred Securities”) representing undivided
preferred beneficial interests in the assets of the Trust having such terms as are set forth in Annex I (which terms are incorporated by reference in, and made a part of, this Declaration as if specifically set forth herein) and one class of common
securities (the “Common Securities”) representing undivided common beneficial interests in the assets of the Trust having such terms as are set forth in Annex I (which terms are incorporated by reference in, and made a part of, this
Declaration as if specifically set forth herein). The Trust shall issue no securities or other interests in the assets of the Trust other than the Preferred Securities and the Common Securities. 

(b) The consideration received by the Trust for the issuance of the Securities shall constitute a contribution to the capital of the
Trust and shall not constitute a loan to the Trust. 
 (c) Upon issuance of the Securities as provided in this Declaration, the
Securities so issued shall be deemed to be validly issued and, subject to the terms of this Declaration, fully paid and nonassessable undivided beneficial interests in the assets of the Trust and entitled to the benefits of this Declaration, and the
Holders thereof shall be entitled to the benefits of this Declaration. 
 (d) Every Person, by virtue of having become a Holder
or a Preferred Security Beneficial Owner in accordance with the terms of this Declaration, shall be deemed to have expressly assented and agreed to the terms of, and shall be bound by, this Declaration. 

SECTION 7.2 Execution and Authentication. 
 (a) Each certificate evidencing the Securities shall be signed on behalf of the Trust by an Administrative Trustee. In case any Administrative Trustee of the Trust who shall have signed any of the
Securities shall cease to be such Administrative Trustee before the Securities so signed shall be delivered by the Trust, such Securities nevertheless may be delivered as though the Person who signed such Securities had not ceased to be such
Administrative Trustee; and any Securities may be signed on behalf of the Trust by such persons who, at the actual date of execution of such Security, shall be the Administrative Trustees of the Trust, although at the date of the execution and
delivery of this Declaration any such person was not an Administrative Trustee. 

  
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 (b) One Administrative Trustee shall sign each certificate evidencing the Preferred
Securities for the Trust by manual or facsimile signature. Unless otherwise determined by an Administrative Trustee on behalf of the Trust, an Administrative Trustee shall sign the Common Securities for the Trust by manual signature. 

(c) A Preferred Security shall not be valid until authenticated by the manual signature of an authorized signatory of the Property
Trustee. The signature shall be conclusive evidence that the Preferred Security has been authenticated under this Declaration. A Common Security shall be valid upon execution by an Administrative Trustee without any act of the Property Trustee.

 (d) Upon a written order of the Trust signed by one Administrative Trustee, the Property Trustee shall authenticate the
Preferred Securities for original issue. The aggregate number of Preferred Securities outstanding at any time shall not exceed the number set forth in Annex I hereto except as provided in Section 7.6. 

(e) The Property Trustee may appoint an authenticating agent acceptable to the Trust to authenticate Preferred Securities. An
authenticating agent may authenticate Preferred Securities whenever the Property Trustee may do so. Each reference in this Declaration to authentication by the Property Trustee includes authentication by such agent. An authenticating agent has the
same rights as the Property Trustee hereunder with respect to the Sponsor or an Affiliate. 
 SECTION 7.3 Form and
Dating. 
 Except as otherwise set forth in this Declaration, the Preferred Securities and Common Securities shall be
evidenced by one or more certificates substantially in the form of Exhibits A-1 and A-2, respectively. The Property Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A-1. Certificates representing
the Securities may be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to an Administrative Trustee, as evidenced by the execution thereof. The Securities may have letters, “CUSIP” or
other numbers, notations or other marks of identification or designation and such legends or endorsements required by law, stock exchange rule, agreements to which the Trust is subject, if any, or usage, provided that, any such notation, legend or
endorsement is in a form acceptable to the Administrative Trustees, as evidenced by their execution thereof. The Trust at the direction of the Sponsor, shall furnish any such legend not contained in Exhibit A-1 to the Property Trustee in writing.
Each Preferred Security shall be dated the date of its authentication. The terms and provisions of the Securities set forth in Annex I and the forms of Securities set forth in Exhibits A-1 and A-2 are part of the terms of this Declaration and, to
the extent applicable, the Property Trustee and the Sponsor, by their execution and delivery of this Declaration, expressly agree to such terms and provisions and to be bound thereby. 

  
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 Preferred Securities offered and sold as provided in the Underwriting Agreement shall be
issued in the form of a single permanent global Preferred Security in definitive, fully registered form without distribution coupons and with the legends set forth in Exhibit A-1 hereto (the “Global Preferred Security”), which shall be
deposited on behalf of the purchasers represented thereby with the Property Trustee, at its Corporate Trust Office, as custodian for the Clearing Agency, and registered in the name of the Clearing Agency or a nominee of the Clearing Agency, duly
executed by the Trust and authenticated by the Property Trustee as hereinafter provided. The number of Preferred Securities represented by the Global Preferred Security may from time to time be increased or decreased by adjustments made on the
records of the Property Trustee and the Clearing Agency or its nominee as hereinafter provided. 
 An Administrative Trustee
shall execute and the Property Trustee shall, in accordance with this Section 7.3, authenticate and make available for delivery initially a single Global Preferred Security that (i) shall be registered in the name of Cede & Co. or
other nominee of such Clearing Agency, and (ii) shall be delivered by the Property Trustee to such Clearing Agency or pursuant to such Clearing Agency’s written instructions or, if no such written instructions are received by the Property
Trustee, held by the Property Trustee as custodian for the Clearing Agency. 
 Members of, or participants in, the Clearing
Agency (“Participants”) shall have no rights under this Declaration with respect to the Global Preferred Security held on their behalf by the Clearing Agency or by the Property Trustee as the custodian of the Clearing Agency or under such
Global Preferred Security, and the Clearing Agency may be treated by the Trust, the Property Trustee and any agent of the Trust or the Property Trustee as the absolute owner of such Global Preferred Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Trust, the Property Trustee or any agent of the Trust or the Property Trustee from giving effect to any written certification, proxy or other authorization furnished by the Clearing
Agency or impair, as between the Clearing Agency and its Participants, the operation of customary practices of such Clearing Agency governing the exercise of the rights of a holder of a beneficial interest in the Global Preferred Security.

 Except as provided in Section 7.9 or 9.2(e), owners of beneficial interests in the Global Preferred Security will not be
entitled to receive physical delivery of certificated Preferred Securities (“Definitive Preferred Securities”). 
 SECTION 7.4
Registrar and Paying Agent. 
 The Trust shall maintain in Wilmington, Delaware (i) an office or agency where
Preferred Securities may be presented for registration of transfer (“Registrar”), and (ii) an office or agency where Preferred Securities may be presented for payment (“Paying Agent”). The Registrar shall keep a register of
the Preferred Securities and of their transfer. The Trust may appoint the Registrar and the Paying Agent and may appoint one or more co-registrars and one or more additional paying agents in such other locations as it shall determine. The term
“Registrar” includes any additional registrar and the term “Paying Agent” includes any additional paying 

  
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agent. The Trust may change any Paying Agent, Registrar or co-registrar without prior notice to any Holder. The Paying Agent shall be permitted to resign as Paying Agent upon 30 days’
written notice to the Property Trustee, the Administrative Trustees and the Sponsor. The Trust shall notify the Property Trustee of the name and address of any Agent not a party to this Declaration. If the Trust fails to appoint or maintain another
entity as Registrar or Paying Agent, the Property Trustee shall act as such. The Trust or any of its Affiliates may act as Paying Agent or Registrar. The Trust shall act as Paying Agent and Registrar for the Common Securities. 

The Trust initially appoints the Property Trustee as Registrar and Paying Agent for the Preferred Securities. 

SECTION 7.5 Paying Agent to Hold Money in Trust. 
 The Trust shall require each Paying Agent other than the Property Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Property Trustee all money held by
the Paying Agent for the payment of liquidation amounts or Distributions, and will notify the Property Trustee if there are insufficient funds for such purpose. While any such insufficiency continues, the Property Trustee may require a Paying Agent
to pay all money held by it to the Property Trustee. The Trust at any time may require a Paying Agent to pay all money held by it to the Property Trustee and to account for any money disbursed by it. Upon payment over to the Property Trustee, the
Paying Agent (if other than the Trust or an Affiliate of the Trust) shall have no further liability for the money. If the Trust or the Sponsor or an Affiliate of the Trust or the Sponsor acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as Paying Agent. 
 SECTION 7.6 Replacement Securities.

 If a Holder claims that a Security owned by it has been lost, destroyed or wrongfully taken or if such Security is mutilated
and is surrendered to the Trust or in the case of the Preferred Securities to the Property Trustee, an Administrative Trustee shall execute and the Property Trustee shall authenticate and make available for delivery a replacement Security if the
Property Trustee’s requirements are met. An indemnity bond must be provided by the Holder which, in the judgment of the Property Trustee, is sufficient to protect the Trustees, the Sponsor, the Trust or any authenticating agent from any loss
which any of them may suffer if a Security is replaced. The Trust may charge such Holder for its expenses in replacing a Security. 
 SECTION
7.7 Outstanding Preferred Securities. 
 The Preferred Securities outstanding at any time are all the Preferred
Securities authenticated by the Property Trustee except for those canceled by it, those delivered to it for cancellation, and those described in this Section as not outstanding. 

  
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 If a Preferred Security is replaced pursuant to Section 7.6 hereof, it ceases to be
outstanding unless the Property Trustee receives proof satisfactory to it that the replaced Preferred Security is held by a bona fide purchaser. 
 If Preferred Securities are considered paid in accordance with the terms of this Declaration, they cease to be outstanding and Distributions on them shall cease to accumulate. 

A Preferred Security does not cease to be outstanding because one of the Trust, the Sponsor or an Affiliate of the Sponsor holds the
Security. 
 SECTION 7.8 Preferred Securities in Treasury. 
 In determining whether the Holders of the required amount of Securities have concurred in any direction, waiver or consent, Preferred Securities owned by the Trust, the Sponsor or an Affiliate of the
Sponsor, as the case may be, shall be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Property Trustee shall be fully protected in relying on any such direction, waiver or consent, only
Securities which the Property Trustee actually knows are so owned shall be so disregarded. 
 SECTION 7.9 Temporary Securities.

 (a) Until Definitive Preferred Securities are ready for delivery, the Trust may prepare and, in the case of the Preferred
Securities, the Property Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Preferred Securities but may have variations that the Trust considers appropriate for temporary
Securities. Without unreasonable delay, the Trust shall prepare and, in the case of the Preferred Securities, the Property Trustee shall authenticate Definitive Preferred Securities in exchange for temporary Securities. 

(b) The Global Preferred Security deposited with the Clearing Agency or with the Property Trustee as custodian for the Clearing Agency
pursuant to Section 7.3 shall be transferred to the beneficial owners thereof in the form of Definitive Preferred Securities only if such transfer complies with Section 9.2. 

(c) Any Global Preferred Security that is transferable to the beneficial owners thereof in the form of Definitive Preferred Securities
pursuant to this Section 7.9 shall be surrendered by the Clearing Agency to the Property Trustee to be so transferred, in whole or from time to time in part, without charge, and the Property Trustee shall authenticate and make available for
delivery, upon such transfer of each portion of such Global Preferred Security, an equal aggregate liquidation amount of Preferred Securities of authorized denominations in the form of Definitive Preferred Securities. Any portion of the Global
Preferred Security transferred pursuant to this Section shall be registered in such names as the Clearing Agency shall direct. 

  
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 (d) Subject to the provisions of Section 7.9(c), the Holder of the Global Preferred
Security may grant proxies and otherwise authorize any Person, including Participants and Persons that may hold interests through Participants, to take any action which such Holder is entitled to take under this Declaration or the Securities.

 (e) In the event of the occurrence of any of the events specified in Section 7.9(b), the Trust will promptly make
available to the Property Trustee a reasonable supply of certificated Preferred Securities in fully registered form without distribution coupons. 
 SECTION 7.10 Cancellation. 
 The Trust at any time may deliver Preferred
Securities to the Property Trustee for cancellation. The Registrar and Paying Agent shall forward to the Property Trustee any Preferred Securities surrendered to them for registration of transfer, redemption, or payment. The Property Trustee shall
promptly cancel all Preferred Securities surrendered for registration of transfer, redemption, payment, replacement or cancellation and shall dispose of canceled Preferred Securities in accordance with its customary procedures unless the Trust
otherwise directs. The Trust may not issue new Preferred Securities to replace Preferred Securities that it has paid or that have been delivered to the Property Trustee for cancellation or that any holder has exchanged. 

SECTION 7.11 CUSIP Numbers. 
 The Trust in issuing the Preferred Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of redemption as
a convenience to Holders of Preferred Securities; provided, that, any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Preferred Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Preferred Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Sponsor will
promptly notify the Property Trustee of any change in the CUSIP numbers. 
 ARTICLE VIII 

DISSOLUTION OF TRUST 

SECTION 8.1 Dissolution of Trust. 
 (a) The Trust shall automatically dissolve: 
 (i) upon any event specified in
Section 5.1(d) or (e) of the Indenture; 

  
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 (ii) upon the filing of a certificate of dissolution or liquidation or its equivalent with
respect to the Sponsor; or the revocation of the Sponsor’s charter and the expiration of 90 days after the date of revocation without a reinstatement thereof; 
 (iii) upon receipt by the Property Trustee of written notice from the Sponsor directing the Property Trustee to dissolve the Trust (which direction is optional, and except as otherwise expressly provided
below, within the discretion of the Sponsor) and distribute a Like Amount of the Debentures to the Holders, and provided, further, that such direction and such distribution is conditioned on (a) the receipt by the Sponsor of any
and all required regulatory approvals, and (b) the Sponsor’s receipt and delivery to the Administrative Trustees of an opinion of independent tax counsel experienced in such matters, which opinion may rely on public or private rulings of
the Internal Revenue Service, to the effect that the Holders of the Preferred Securities will not recognize any gain or loss for United States federal income tax purposes as a result of the dissolution of the Trust and the distribution of
Debentures; 
 (iv) upon the entry of a decree of judicial dissolution of the Trust by a court of competent jurisdiction;

 (v) when all of the Securities shall have been called for redemption and the amounts necessary for redemption thereof shall
have been paid to the Holders in accordance with the terms of the Securities; 
 (vi) upon the redemption or repayment of the
Debentures or at such time as no Debentures are outstanding; or 
 (vii) the expiration of the term of the Trust provided in
Section 3.14. 
 (b) As soon as is practicable upon completion of winding up of the Trust following the occurrence of an
event referred to in Section 8.1(a) and the satisfaction of creditors of the Trust in accordance with applicable law, the Administrative Trustees shall terminate the Trust by filing a certificate of cancellation with the Secretary of State of
the State of Delaware in accordance with the Business Trust Act. 
 (c) The provisions of Section 3.9 and Article X shall
survive the dissolution and termination of the Trust. 

  
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 ARTICLE IX 
 TRANSFER OF INTERESTS 
 SECTION 9.1 Transfer of Securities. 

(a) Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Declaration
and in accordance with the terms of the Securities. To the fullest extent permitted by law, any transfer or purported transfer of any Security not made in accordance with this Declaration shall be null and void. 

(b) Subject to this Article IX, Preferred Securities may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Declaration. To the fullest extent permitted by law, any transfer or purported transfer of any Security not made in accordance with this Declaration shall be null and void. 

(c) For so long as the Securities remain outstanding, the Sponsor agrees (i) not to transfer ownership of the Common Securities of
the Trust, provided that any permitted successor of the Sponsor under the Indenture may succeed to the Sponsor’s ownership of the Common Securities, (ii) not to cause, as Sponsor of the Trust, or to permit, as Holder of the Common
Securities, the dissolution, winding-up or liquidation of the Trust, except as provided in this Declaration and (iii) to use its best efforts to cause the Trust (a) to remain a business trust, except in connection with the distribution of
Debentures to the Holders in liquidation of the Trust, the redemption of all of the Securities, or certain mergers, consolidations or amalgamations, each as permitted by this Declaration, (b) not to be an Investment Company for purposes of the
Investment Company Act, and (c) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes. 
 (d) The Registrar shall provide for the registration of Preferred Securities and of the transfer of Preferred Securities, which will be effected without charge but only upon payment in respect of any tax
or other governmental charges that may be imposed in relation to it. Upon surrender for registration of transfer of any Preferred Securities, an Administrative Trustee shall cause one or more new Preferred Securities to be issued in the name of the
designated transferee or transferees. Every Preferred Security surrendered for registration of transfer shall be accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by the Holder or such Holder’s
attorney duly authorized in writing. Each Preferred Security surrendered for registration of transfer shall be delivered to the Registrar and canceled in accordance with Section 7.10. A transferee of a Preferred Security shall be entitled to
the rights and subject to the obligations of a Holder hereunder upon the receipt by such transferee of a Preferred Security. By acceptance of a Preferred Security or any interest therein, each transferee shall be deemed to have agreed to be bound by
this Declaration. 
 SECTION 9.2 Transfer Procedures and Restrictions. 

(a) When Definitive Preferred Securities are presented to the Registrar or co-registrar: 

(x) to register the transfer of such Definitive Preferred Securities; or 

  
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 (y) to exchange such Definitive Preferred Securities which became mutilated, destroyed,
defaced, stolen or lost, for an equal number of Definitive Preferred Securities, 
 the Registrar or co-registrar shall register the transfer or
make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Preferred Securities surrendered for registration of transfer or exchange shall be duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory to the Trust and the Registrar or co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 

(b) A Definitive Preferred Security may not be exchanged for a beneficial interest in the Global Preferred Security except upon
satisfaction of the requirements set forth below. Upon receipt by the Property Trustee of a Definitive Preferred Security, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the Property Trustee, together
with written instructions directing the Property Trustee to make, or to direct the Clearing Agency to make, an adjustment on its books and records with respect to the Global Preferred Security to reflect an increase in the number of the Preferred
Securities represented by such Global Preferred Security, then the Property Trustee shall cancel such Definitive Preferred Security and cause, or direct the Clearing Agency to cause, the aggregate number of Preferred Securities represented by the
Global Preferred Security to be increased accordingly. If the Global Preferred Security is not then outstanding, an Administrative Trustee on behalf of the Trust may issue and the Property Trustee may authenticate, upon written order of any
Administrative Trustee, a new Global Preferred Security representing an appropriate number of Preferred Securities. 
 (c) The
transfer and exchange of the Global Preferred Security or beneficial interests therein shall be effected through the Clearing Agency in accordance with this Declaration (including applicable restrictions on transfer set forth herein, if any) and the
procedures of the Clearing Agency therefor. 
 (d) Notwithstanding any other provisions of this Declaration (other than the
provisions set forth in subsection (e) of this Section 9.2), the Global Preferred Security may not be transferred as a whole except by the Clearing Agency to a nominee of the Clearing Agency or another nominee of the Clearing Agency or by
the Clearing Agency or any such nominee to a successor Clearing Agency or a nominee of such successor Clearing Agency. 
 (e) If
at any time: (i) a Default or an Event of Default has occurred and is continuing, (ii) the Trust, in its sole discretion, notifies the Property Trustee in writing that it elects to cause the issuance of Definitive Preferred Securities
under this Declaration, or (iii) the Clearing Agency notifies the Sponsor that it is unwilling or unable to continue as Clearing Agency for such Global Preferred Security or if at any time such Clearing Agency ceases to be a “clearing
agency” registered under the Exchange Act, and, in each case, a clearing agency is not 

  
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appointed by the Sponsor within 90 days of receipt of such notice or of becoming aware of such condition, then an Administrative Trustee on behalf of the Trust will execute, and the Property
Trustee, upon receipt of a written order of the Trust signed by one Administrative Trustee requesting the authentication and delivery of Definitive Preferred Securities to the Persons designated by the Trust, will authenticate and make available for
delivery Definitive Preferred Securities, equal in number to the number of Preferred Securities represented by the Global Preferred Security, in exchange for such Global Preferred Security. 

(f) At such time as all beneficial interests in the Global Preferred Security have either been exchanged for Definitive Preferred
Securities to the extent permitted by this Declaration or redeemed, repurchased or canceled in accordance with the terms of this Declaration, such Global Preferred Security shall be returned to the Clearing Agency for cancellation or retained and
canceled by the Property Trustee. At any time prior to such cancellation, if any beneficial interest in the Global Preferred Security is exchanged for Definitive Preferred Securities, Preferred Securities represented by such Global Preferred
Security shall be reduced and an adjustment shall be made on the books and records of the Property Trustee and the Clearing Agency or its nominee to reflect such reduction. 
 (g) (i) To permit registrations of transfers and exchanges, the Trust shall execute and the Property Trustee shall authenticate Definitive Preferred Securities and the Global Preferred Security at
the Registrar’s or co-registrar’s request in accordance with the terms of this Declaration. 
 (ii) Registrations of
transfers or exchanges will be effected without charge, but only upon payment in respect of any tax or other governmental charge that may be imposed in relation to it. 
 (iii) The Registrar or co-registrar shall not be required to register the transfer of or exchange of (a) Preferred Securities during a period beginning at the opening of business 15 days before the
day of mailing of a notice of redemption or any notice of selection of Preferred Securities for redemption and ending at the close of business on the day of such mailing or (b) any Preferred Security so selected for redemption in whole or in
part, except the unredeemed portion of any Preferred Security being redeemed in part. 
 (iv) Prior to the due presentation for
registration of transfer of any Preferred Security, the Trust, the Property Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the Person in whose name a Preferred Security is registered as the absolute owner of such
Preferred Security for the purpose of receiving Distributions on such Preferred Security and for all other purposes whatsoever, and none of the Trust, the Property Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by
notice to the contrary. 
 (v) All Preferred Securities issued upon any registration of transfer or exchange pursuant to the
terms of this Declaration shall evidence the same security and shall be entitled to the same benefits under this Declaration as the Preferred Securities surrendered upon such registration of transfer or exchange. 

  
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 (h) (i) The Property Trustee shall have no responsibility or obligation to any
Preferred Security Beneficial Owner, a Participant in the Clearing Agency or other Person with respect to the accuracy of the records of the Clearing Agency or its nominee or of any Participant thereof, with respect to any ownership interest in the
Preferred Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Clearing Agency) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such
Preferred Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Preferred Securities shall be given or made only to or upon the order of the registered Holders (which shall be the
Clearing Agency or its nominee in the case of the Global Preferred Security). 
 The rights of Preferred Security Beneficial
Owners shall be exercised only through the Clearing Agency subject to the applicable rules and procedures of the Clearing Agency. The Property Trustee may conclusively rely and shall be fully protected in relying upon information furnished by the
Clearing Agency or any agent thereof with respect to its Participants and any Preferred Security Beneficial Owners. 
 (ii) The
Property Trustee and the Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Declaration or under applicable law with respect to any transfer of any
interest in any Preferred Security (including any transfers between or among Clearing Agency Participants or Preferred Security Beneficial Owners) other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by, the terms of this Declaration, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(iii) Minimum Transfers. Preferred Securities may only be transferred in minimum denominations of $25.00 and multiples of $25.00 in
excess thereof. 
 SECTION 9.3 Book-Entry Interests. 
 The Global Preferred Security shall initially be registered on the books and records of the Trust in the name of Cede & Co., the nominee of the Clearing Agency and no Preferred Security
Beneficial Owner will receive physical delivery of a definitive Preferred Security certificate (a “Preferred Security Certificate”) representing such Preferred Security Beneficial Owner’s interests in such Global Preferred Security,
except as provided in Section 9.2 and Section 7.9. Unless and until Definitive Preferred Securities have been issued to the Preferred Security Beneficial Owners pursuant to Section 9.2 or Section 7.9: 

(a) the provisions of this Section 9.3 shall be in full force and effect; 

  
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 (b) the Trust and the Trustees shall be entitled to deal with the Clearing Agency for all
purposes of this Declaration (including the payment of Distributions on the Global Preferred Security and receiving approvals, votes or consents hereunder) as the sole Holder of the Global Preferred Security and shall have no obligation to the
Preferred Security Beneficial Owners; 
 (c) to the extent that the provisions of this Section 9.3 conflict with any other
provisions of this Declaration, the provisions of this Section 9.3 shall control; and 
 (d) the rights of the Preferred
Security Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Preferred Security Beneficial Owners and the Clearing Agency and/or the Clearing Agency
Participants, and the Clearing Agency shall receive and transmit payments of Distributions on the Global Preferred Security to such Clearing Agency Participants; provided, however, that solely for the purposes of determining whether
the Holders of the requisite amount of Preferred Securities have voted on any matter provided for in this Declaration, the Trustees, with respect to the Global Preferred Security, may conclusively rely on, and shall be protected in relying on, any
written instrument (including a proxy) delivered to the Trustees by the Clearing Agency setting forth the Preferred Security Beneficial Owners’ votes or assigning the right to vote on any matter to any other Persons either in whole or in part;
and the Clearing Agency will also make book-entry transfers among the Clearing Agency Participants. 
 SECTION 9.4 Notices to Clearing
Agency. 
 Whenever a notice or other communication to the Preferred Security Holders is required to be given by a Trustee
under this Declaration, such Trustee shall give all such notices and communications specified herein to be given to the Holder of the Global Preferred Security to the Clearing Agency and shall have no notice obligations to the Preferred Security
Beneficial Owners. 
 SECTION 9.5 Appointment of Successor Clearing Agency. 

If any Clearing Agency elects to discontinue its services as securities depositary with respect to the Preferred Securities, the
Administrative Trustees may, in their sole discretion, appoint a successor Clearing Agency with respect to such Preferred Securities. 

  
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 ARTICLE X 
 LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, 
 TRUSTEES OR OTHERS

 SECTION 10.1 Liability. 
 (a) Except as expressly set forth in this Declaration, the Securities Guarantees and the terms of the Securities, the Sponsor shall not be: 

(i) personally liable for the return of any portion of the capital contributions (or any return thereon) of the Holders which shall be
made solely from assets of the Trust; and 
 (ii) required to pay to the Trust or to any Holder any deficit upon dissolution of
the Trust or otherwise. 
 (b) The Sponsor shall be liable for all of the debts and obligations of the Trust (other than in
respect of the Securities) to the extent not satisfied out of the Trust’s assets. 
 (c) Pursuant to § 3803(a) of the
Business Trust Act, the Holders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 

SECTION 10.2 Exculpation. 
 (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise to the Trust 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 on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be within the scope of the authority conferred on such Indemnified Person by this Declaration 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 gross negligence (or in the case of the Property Trustee, 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 Trust and upon such information, opinions, reports or statements presented to the Trust 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 Trust, 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 might properly be paid. 
 SECTION 10.3 Fiduciary Duty. 

(a) To the extent that, at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating
thereto to the Trust or to any other Covered 

  
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Person, an Indemnified Person acting under this Declaration shall not be liable to the Trust or to any other Covered Person for its good faith reliance on the provisions of this Declaration. The
provisions of this Declaration, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity (other than the duties imposed on the Property Trustee under the Trust Indenture Act), are
agreed by the parties hereto to replace such other duties and liabilities of such Indemnified Person. 
 (b) Unless otherwise
expressly provided herein: 
 (i) whenever a conflict of interest exists or arises between any Covered Person and any
Indemnified Person, or 
 (ii) whenever this Declaration or any other agreement contemplated herein or therein provides that an
Indemnified Person shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust or any Holder of Securities, 

the Indemnified Person shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of
each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person, the resolution, action or term so made, taken or provided by the Indemnified Person shall not constitute a breach of this Declaration or any other agreement contemplated
herein or of any duty or obligation of the Indemnified Person at law or in equity or otherwise. 
 (c) Whenever in this
Declaration an Indemnified Person is permitted or required to make a decision: 
 (i) in its “discretion” or under a
grant of similar authority, the Indemnified Person shall be entitled to consider such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors
affecting the Trust or any other Person; or 
 (ii) in its “good faith” or under another express standard, the
Indemnified Person shall act under such express standard and shall not be subject to any other or different standard imposed by this Declaration or by applicable law. 
 SECTION 10.4 Indemnification. 
 (a) (i) The Sponsor shall indemnify,
to the full extent permitted by law, any Company Indemnified Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Trust) by reason of the fact that he is or was a Company Indemnified Person, against expenses (including attorneys’ 

  
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fees and expenses), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a
manner he reasonably believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Company Indemnified Person did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Trust, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful. 

(ii) The Sponsor shall indemnify, to the full extent permitted by law, any Company Indemnified Person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Trust to procure a judgment in its favor by reason of the fact that he is or was a Company Indemnified Person against expenses (including
attorneys’ fees and expenses) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Trust and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such Company Indemnified Person shall have been adjudged to be liable to the Trust unless and only to the extent that
the Court of Chancery of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such Person is fairly and
reasonably entitled to indemnity for such expenses which such Court of Chancery or such other court shall deem proper. 
 (iii)
To the extent that a Company Indemnified Person shall be successful on the merits or otherwise (including dismissal of an action without prejudice or the settlement of an action without admission of liability) in defense of any action, suit or
proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a), or in defense of any claim, issue or matter therein, he or she shall be indemnified by the Sponsor, to the full extent permitted by law, against expenses
(including attorneys’ fees) actually and reasonably incurred by him or her in connection therewith. 
 (iv) Any
indemnification under paragraphs (i) and (ii) of this Section 10.4(a) (unless ordered by a court) shall be made by the Sponsor only as authorized in the specific case upon a determination that indemnification of the Company
Indemnified Person is proper in the circumstances because he or she has met the applicable standard of conduct set forth in paragraphs (i) and (ii). Such determination shall be made (1) by the Administrative Trustees by a majority vote of
a Quorum consisting of such Administrative Trustees who were not parties to such action, suit or proceeding, (2) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrative Trustees so directs, by
independent legal counsel in a written opinion, or (3) by the Common Security Holder of the Trust. 

  
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 (v) Expenses (including attorneys’ fees and expenses) incurred by a Company
Indemnified Person in defending a civil, criminal, administrative or investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a) shall be paid by the Sponsor in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Company Indemnified Person to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the
Sponsor as authorized in this Section 10.4(a). Notwithstanding the foregoing, no advance shall be made by the Sponsor if a determination is reasonably and promptly made (i) by the Administrative Trustees by a majority vote of a Quorum of
disinterested Administrative Trustees, (ii) if such a Quorum is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrative Trustees so directs, by independent legal counsel in a written opinion or (iii) by the
Common Security Holder of the Trust, that, based upon the facts known to the Administrative Trustees, counsel or the Common Security Holder at the time such determination is made, such Company Indemnified Person acted in bad faith or in a manner
that the Common Security Holder did not believe to be in, or believed was opposed to, the best interests of the Trust, or, with respect to any criminal proceeding, that such Company Indemnified Person believed or had reasonable cause to believe his
or her conduct was unlawful. In no event shall any advance be made in instances where the Administrative Trustees, independent legal counsel or Common Security Holder reasonably determine that a Company Indemnified Person deliberately breached his
or her duty to the Trust or its Common or Preferred Security Holders. 
 (vi) The indemnification and advancement of expenses
provided by, or granted pursuant to, the other paragraphs of this Section 10.4(a) shall not be deemed exclusive of any other rights to which those seeking indemnification and advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the Sponsor or Preferred Security Holders of the Trust or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office. All rights to indemnification
under this Section 10.4(a) shall be deemed to be provided by a contract between the Sponsor and each Company Indemnified Person who serves in such capacity at any time while this Section 10.4(a) is in effect. Any repeal or modification of
this Section 10.4(a) shall not affect any rights or obligations then existing. 
 (vii) The Sponsor or the Trust may
purchase and maintain insurance on behalf of any person who is or was a Company Indemnified Person against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such,
whether or not the Sponsor would have the power to indemnify him or her against such liability under the provisions of this Section 10.4(a). 
 (viii) For purposes of this Section 10.4(a), references to “the Trust” shall include, in addition to the resulting or surviving entity, any constituent entity (including any constituent of
a constituent) absorbed in a consolidation or merger, so that any person who is or was a director, trustee, officer or employee of such constituent entity, or is or was serving at the request of such constituent entity as a director, trustee,
officer, employee or agent of another entity, shall stand in the same position under the provisions of this Section 10.4(a) with respect to the resulting or surviving entity as he or she would have with respect to such constituent entity if its
separate existence had continued. 

  
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 (ix) The indemnification and advancement of expenses provided by, or granted pursuant to,
this Section 10.4(a) shall, unless otherwise provided when authorized or ratified, continue as to a Person who has ceased to be a Company Indemnified Person and shall inure to the benefit of the heirs, executors and administrators of such a
Person. 
 (b) The Sponsor agrees to indemnify the (i) Property Trustee, (ii) the Delaware Trustee, (iii) any
Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any officers, directors, shareholders, members, partners, employees, representatives, custodians, nominees or agents of the Property Trustee or the Delaware Trustee (each of
the Persons in (i) through (iv), including the Property Trustee and the Delaware Trustee in their respective individual capacities, being referred to as a “Fiduciary Indemnified Person”) for, and to hold each Fiduciary Indemnified
Person harmless against, any and all loss, liability, damage, action, suit, claim or expense including taxes (other than taxes based on the income of such Fiduciary Indemnified Person) of any kind and nature whatsoever incurred without negligence
(or gross negligence on the part of the Delaware Trustee) or bad faith on the part of such Fiduciary Indemnified Person, 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 against or investigating any claim or liability in connection with the exercise or performance of any of the powers or duties of such Fiduciary Indemnified Person hereunder. The
obligation to indemnify as set forth in this Section 10.4(b) shall survive the resignation or removal of the Property Trustee or the Delaware Trustee and the satisfaction and discharge of this Declaration. 

(c) The Sponsor agrees to pay the Property Trustee and the Delaware Trustee, from time to time, such compensation for all services
rendered by the Property Trustee and the Delaware Trustee hereunder as may be mutually agreed upon in writing by the Sponsor and the Property Trustee or the Delaware Trustee, as the case may be, and, except as otherwise expressly provided herein, to
reimburse the Property Trustee and the Delaware Trustee upon its or their request for all reasonable expenses (including legal fees and expenses), disbursements and advances incurred or made by the Property Trustee or the Delaware Trustee, as the
case may be, in accordance with the provisions of this Declaration, except any such expense, disbursement or advance as may be attributable to its or their negligence (or gross negligence on the part of the Delaware Trustee) or bad faith.

 SECTION 10.5 Outside Businesses. 
 Any Covered Person, the Sponsor, the Delaware Trustee and the Property Trustee (subject to Section 5.3(c)) may engage in or possess an interest in other business ventures of any nature or
description, independently or with others, similar or dissimilar to the business of the Trust, and the Trust and the Holders shall have no rights by virtue of this Declaration in and to such independent ventures or the income or profits derived
therefrom, and the pursuit of any 

  
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such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor, the Delaware Trustee, or the Property Trustee shall be
obligated to present any particular investment or other opportunity to the Trust even if such opportunity is of a character that, if presented to the Trust, could be taken by the Trust, and any Covered Person, the Sponsor, the Delaware Trustee and
the Property Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Covered Person, the Delaware Trustee and the
Property Trustee may engage or be interested in any financial or other transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any committee or body of holders of, securities or
other obligations of the Sponsor or its Affiliates. 
 ARTICLE XI 

ACCOUNTING 
 SECTION 11.1
Fiscal Year. 
 The fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other year as
is required by the Code. 
 SECTION 11.2 Certain Accounting Matters. 

(a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept, full books of account,
records and supporting documents, which shall reflect in reasonable detail each transaction of the Trust. The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for United States federal income tax purposes. The books of account and the records of the Trust shall be examined by and reported upon as of the end of each Fiscal Year of
the Trust by a firm of independent certified public accountants selected by the Administrative Trustees. 
 (b) The
Administrative Trustees shall cause to be duly prepared and delivered to each of the Holders any annual United States federal income tax information statement required by the Code, containing such information with regard to the Securities held by
each Holder as is required by the Code and the Treasury Regulations. Notwithstanding any right under the Code to deliver any such statement at a later date, the Administrative Trustees shall endeavor to deliver all such information statements within
30 days after the end of each Fiscal Year of the Trust. 
 (c) The Administrative Trustees shall cause to be duly prepared and
filed with the appropriate taxing authority, an annual United States federal income tax return, on a Form 1041 or such other form required by United States federal income tax law, and any other annual income tax returns required to be filed by the
Administrative Trustees on behalf of the Trust with any state or local taxing authority. 

  
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 SECTION 11.3 Banking. 
 The Trust may maintain one or more bank accounts in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the Debentures held by the
Property Trustee shall be made directly to the Property Trustee Account and no other funds of the Trust shall be deposited in the Property Trustee Account. The sole signatories for such accounts shall be designated by the Administrative Trustees;
provided, however, that the Property Trustee shall designate the signatories for the Property Trustee Account. 
 SECTION 11.4
Withholding. 
 The Trust and the Administrative Trustees shall comply with all withholding requirements under United
States federal, state and local law. The Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to establish an exemption from withholding with respect to each Holder, and any representations and
forms as shall reasonably be requested by the Trust to assist it in determining the extent of, and in fulfilling, its withholding obligations. The Administrative Trustees shall cause to be filed required forms with applicable jurisdictions and,
unless an exemption from withholding is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent that the Trust is required to withhold and pay over any amounts to any
authority with respect to Distributions or allocations to any Holder, the amount withheld shall be deemed to be a Distribution in the amount of the withholding to the Holder. In the event of any claim of excess withholding, Holders shall be limited
to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made, the Trust may reduce subsequent Distributions by the amount of such withholding. 

ARTICLE XII 
 AMENDMENTS AND MEETINGS 
 SECTION 12.1 Amendments. 

(a) Except as otherwise provided in this Declaration or by any applicable terms of the Securities, this Declaration may only be amended
by a written instrument approved and executed by: 
 (i) the Sponsor and the Administrative Trustees (or, if there are more
than two Administrative Trustees, a majority of the Administrative Trustees); 

  
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 (ii) if the amendment affects the rights, powers, duties, obligations or immunities of the
Property Trustee, the Property Trustee; and 
 (iii) if the amendment affects the rights, powers, duties, obligations or
immunities of the Delaware Trustee, the Delaware Trustee. 
 (b) No amendment shall be made, and any such purported amendment
shall be void and ineffective: 
 (i) unless, in the case of any proposed amendment, the Property Trustee shall have first
received an Officers’ Certificate from each of the Trust and the Sponsor that such amendment is permitted by, and conforms to, the terms of this Declaration (including the terms of the Securities); 

(ii) unless, in the case of any proposed amendment which affects the rights, powers, duties, obligations or immunities of the Property
Trustee, the Property Trustee shall have first received: 
 (A) an Officers’ Certificate from each of the Trust and the
Sponsor that such amendment is permitted by, and conforms to, the terms of this Declaration (including the terms of the Securities); and 
 (B) an Opinion of Counsel (who may be counsel to the Sponsor or the Trust) that such amendment is permitted by, and conforms to, the terms of this Declaration (including the terms of the Securities) and
that all conditions precedent to the execution and delivery of such amendment have been satisfied; 
 provided, however, that the
Property Trustee shall not be required to sign any such amendment; and 
 (iii) to the extent the result of such amendment
would be to: 
 (A) cause the Trust to fail to continue to be classified for purposes of United States federal income taxation
as a grantor trust; 
 (B) reduce or otherwise adversely affect the powers of the Property Trustee in contravention of the
Trust Indenture Act; or 
 (C) cause the Trust to be deemed to be an Investment Company required to be registered under the
Investment Company Act. 
 (c) At such time after the Trust has issued any Securities that remain outstanding, the Declaration
may also be amended by the Trustees and the Sponsor with 

  
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 (i) the consent of Holders representing a Majority in Liquidation Amount of all outstanding
Securities, and 
 (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of
any power granted to the Trustees in accordance with such amendment will not affect the Trust’s status as a grantor trust for United States federal income tax purposes or the Trust’s exemption from status as an Investment Company under the
Investment Company Act; 
 provided, however, that, without the consent of each Holder of Trust Securities affected thereby, the
Declaration may not be amended to 
 (i) change the amount or timing of any Distribution on, or the payment required to be made
in respect of, the Trust Securities as of a specified date or otherwise adversely affect the amount of any Distribution required to be made in respect of the Trust Securities as of a specified date; 

(ii) change any prepayment provisions; or 
 (iii) restrict the right of a Holder of Trust Securities to institute suit for the enforcement of any such payment on or after such date; 

(d) Section 10.1(c) and this Section 12.1 shall not be amended without the consent of all of the Holders; 

(e) Article Four shall not be amended without the consent of the Holders of a Majority in Liquidation Amount of the Common Securities;

 (f) The rights of the Holders of the Common Securities under Article V to increase or decrease the number of, and appoint and
remove Trustees shall not be amended without the consent of the Holders of a Majority in Liquidation Amount of the Common Securities; and 
 (g) Notwithstanding Section 12.1(c), this Declaration may be amended without the consent of the Holders to: 
 (i) cure any ambiguity, correct or supplement any provision in this Declaration that may be inconsistent with any other provision of this Declaration or to make any other provisions with respect to
matters or questions arising under this Declaration which shall not be inconsistent with the other provisions of the Declaration; and 
 (ii) to modify, eliminate or add to any provisions of the Declaration to such extent as shall be necessary to ensure that the Trust will be classified for United States


  
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federal income tax purposes as a grantor trust at all times that any Securities are outstanding or to ensure that the Trust will not be required to register as an Investment Company under the
Investment Company Act; 
 provided, however, that in each clause above, such action shall not adversely affect in any material
respect the interests of the Holders, and any such amendments of this Declaration shall become effective when notice thereof is given to the Holders. 
 SECTION 12.2 Meetings of the Holders; Action by Written Consent. 
 (a)
Meetings of the Holders of any class of Securities may be called at any time by the Administrative Trustees (or as provided in the terms of the Securities) to consider and act on any matter on which Holders of such class of Securities are entitled
to act under the terms of this Declaration, the terms of the Securities or the rules of any stock exchange on which the Preferred Securities are listed or admitted for trading. The Administrative Trustees shall call a meeting of the Holders of such
class if directed to do so by the Holders of at least 10% in Liquidation Amount of such class of Securities. Such direction shall be given by delivering to the Administrative Trustees one or more notices in writing stating that the signing Holders
wish to call a meeting and indicating the general or specific purpose for which the meeting is to be called. Any Holders calling a meeting shall specify in writing the Preferred Security Certificates held by the Holders exercising the right to call
a meeting and only those Securities specified shall be counted for purposes of determining whether the required percentage set forth in the second sentence of this paragraph has been met. 

(b) Except to the extent otherwise provided in the terms of the Securities, the following provisions shall apply to meetings of Holders:

 (i) notice of any such meeting shall be given to all the Holders having a right to vote thereat at least seven days and not
more than 60 days before the date of such meeting. Whenever a vote, consent or approval of the Holders is permitted or required under this Declaration or the rules of any stock exchange on which the Preferred Securities are listed or admitted for
trading, such vote, consent or approval may be given at a meeting of the Holders; any action that may be taken at a meeting of the Holders may be taken without a meeting if a consent in writing setting forth the action so taken is signed by the
Holders owning not less than the minimum amount of Securities in liquidation amount that would be necessary to authorize or take such action at a meeting at which all Holders having a right to vote thereon were present and voting; prompt notice of
the taking of action without a meeting shall be given to the Holders entitled to vote who have not consented in writing; and the Administrative Trustees may specify that any written ballot submitted to the Security Holder for the purpose of taking
any action without a meeting shall be returned to the Trust within the time specified by the Administrative Trustees; 
 (ii)
each Holder may authorize any Person to act for it by proxy on all matters in which a Holder is entitled to participate, including waiving notice of any meeting, or 

  
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voting or participating at a meeting; no proxy shall be valid after the expiration of eleven months from the date thereof unless otherwise provided in the proxy; every proxy shall be revocable at
the pleasure of the Holder executing it; and, except as otherwise provided herein, all matters relating to the giving, voting or validity of proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and
judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Holders were stockholders of a Delaware corporation; 
 (iii) each meeting of the Holders shall be conducted by the Administrative Trustees or by such other Person that the Administrative Trustees may designate; and 

(iv) unless the Business Trust Act, this Declaration, the terms of the Securities, the Trust Indenture Act or the listing rules of any
stock exchange on which the Preferred Securities are then listed or trading, otherwise provides, the Administrative Trustees, in their sole discretion, shall establish all other provisions relating to meetings of Holders, including notice of the
time, place or purpose of any meeting at which any matter is to be voted on by any Holders, waiver of any such notice, action by consent without a meeting, the establishment of a record date, quorum requirements, voting in person or by proxy or any
other matter with respect to the exercise of any such right to vote. 
 ARTICLE XIII 

REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE 
 SECTION 13.1 Representations and Warranties of Property Trustee. 
 The
Trustee that acts as initial Property Trustee represents and warrants to the Trust and to the Sponsor at the date of this Declaration, and each Successor Property Trustee represents and warrants to the Trust and the Sponsor at the time of the
Successor Property Trustee’s acceptance of its appointment as Property Trustee that: 
 (a) the Property Trustee is a New
York banking corporation, a national banking association or a bank or trust company, duly organized, validly existing and in good standing under the laws of the United States or the State of New York, as the case may be, with corporate power and
authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Declaration; 
 (b) the
execution, delivery and performance by the Property Trustee of this Declaration has been duly authorized by all necessary corporate action on the part of the Property Trustee; and this Declaration has been duly executed and delivered by the Property
Trustee and under Delaware law (excluding any securities laws) constitutes a legal, valid and 

  
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binding obligation of the Property Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws
affecting creditors’ rights generally and to general principles of equity and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 

(c) the execution, delivery and performance of this Declaration by the Property Trustee does not conflict with or constitute a breach of
the charter or by-laws of the Property Trustee; 
 (d) no consent, approval or authorization of, or registration with or notice
to, any federal or state banking authority governing the trust powers of the Property Trustee is required for the execution, delivery or performance by the Property Trustee of this Declaration; and 

(e) the Property Trustee satisfies the requirements set forth in Section 5.3(a). 

SECTION 13.2 Representations and Warranties of Delaware Trustee. 
 The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to the Sponsor at the date of this Declaration, and each Successor Delaware Trustee represents and warrants to
the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee that: 
 (a) the Delaware Trustee is a Delaware banking corporation, a national banking association or a bank or trust company, duly organized, validly existing and in good standing under the laws of the United
States or the State of Delaware, as the case may be, with corporate power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Declaration; 

(b) the execution, delivery and performance by the Delaware Trustee of this Declaration has been duly authorized by all necessary
corporate action on the part of the Delaware Trustee; and this Declaration has been duly executed and delivered by the Delaware Trustee and under Delaware law (excluding any securities laws) constitutes a legal, valid and binding obligation of the
Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to general principles of equity
and the discretion of the court (regardless of whether the enforcement of such remedies is considered in a proceeding in equity or at law); 

  
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 (c) the execution, delivery and performance of this Declaration by the Delaware Trustee does
not conflict with or constitute a breach of the charter or by-laws of the Delaware Trustee; and 
 (d) no consent, approval or
authorization of, or registration with or notice to, any federal or Delaware banking authority governing the trust powers of the Delaware Trustee is required for the execution, delivery or performance by the Delaware Trustee of this Declaration; and

 (e) the Delaware Trustee is a natural person who is a resident of the State of Delaware or, if not a natural person, an
entity which has its principal place of business in the State of Delaware, and is a Person that satisfies for the Trust Section 3807(a) of the Business Trust Act. 
 ARTICLE XIV 
 MISCELLANEOUS 

SECTION 14.1 Notices. 

All notices provided for in this Declaration shall be in writing, duly signed by the party giving such notice, and shall be delivered,
telecopied or mailed by first class mail, overnight courier service or confirmed telecopy, as follows: 
 (a) if given to the
Trust, in care of the Administrative Trustees at the Trust’s mailing address set forth below (or such other address as the Trust may give notice of to the Property Trustee, the Delaware Trustee and the Holders): 

VNB Capital Trust I 
 c/o Valley National Bancorp 
 1455 Valley Road 

Wayne, New Jersey 07470 
 Attention: Alan D. Eskow 
 Telephone: (973) 305-8800 

Telecopier: (973) 305-8415 

  
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 (b) if given to the Delaware Trustee, at the mailing address set forth below (or such other
address as Delaware Trustee may give notice of to the Holders): 
 The Bank of New York (Delaware) 

White Clay Center 

P.O. Box 6973 

Route 273 

Newark, Delaware 19711 
 Attention: Corporate Trust Department 
 Telephone: 

Telecopier: 

(c) if given to the Property Trustee, at the Property Trustee’s mailing address set forth below (or such other address as the
Property Trustee may give notice of to the Holders): 
 The Bank of New York 

5 Penn Plaza, 13th Floor 
 New York, New York 10001 
 Attention: Corporate Trust Administration 

Telephone: 212-328-7629 
 Telecopier: 212-896-7298 
 (d) if given to the Holder of the Common Securities,
at the mailing address of the Sponsor set forth below (or such other address as the Holder of the Common Securities may give notice to the Trust): 
 Valley National Bancorp 
 1455 Valley Road 

Wayne, New Jersey 07470 
 Attention: Alan D. Eskow 
 Telephone: (973) 305-8800 

Telecopier: (973) 305-8415 
 (e) if given to any other Holder, at the address set forth on the books and records of the Trust. 
 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. 

SECTION 14.2 Governing Law. 
 This Declaration and the rights of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall


  
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be governed by such laws without regard to principles of conflicts of laws of the State of Delaware or any other jurisdiction that would call for the application of the law of any jurisdiction
other than the State of Delaware; provided, however, that there shall not be applicable to the parties hereunder or this Declaration any provision of the laws (statutory or common) of the State of Delaware pertaining to trust that
relate to or regulate, in a manner inconsistent with the terms hereof (except as mandated by the Business Trust Act) (A) the filing with any court or governmental body or agency of Trustee accounts or schedule of Trustee fees and charges,
(B) affirmative requirements to post bonds for Trustees, officers, agents or employees of a trust, (C) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal
property, (D) fees or other sums payable to Trustees, officers, agents or employees of a trust, (E) the allocation of receipts and expenditures to income or principal, (F) restrictions or limitations on the permissible nature, amount
or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing Trust assets or (G) the establishment of fiduciary or other standards of responsibility or limitations on the acts or
powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees hereunder as set forth or referenced in this Declaration. Section 3540 of Title 12 of the Delaware Code shall not apply to
the Trust. 
 SECTION 14.3 Intention of the Parties. 
 It is the intention of the parties hereto that the Trust be classified for United States federal income tax purposes as a grantor trust. The provisions of this Declaration shall be interpreted to further
this intention of the parties. 
 SECTION 14.4 Headings 
 Headings contained in this Declaration are inserted for convenience of reference only and do not affect the interpretation of this Declaration or any provision hereof. 

SECTION 14.5 Successors and Assigns. 
 Whenever in this Declaration any of the parties hereto is named or referred to, the successors and assigns of such party shall be deemed to be included, and all covenants and agreements in this
Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective successors and assigns, whether or not so expressed. 
 SECTION 14.6 Partial Enforceability 
 If any provision of this Declaration,
or the application of such provision to any Person or circumstance, shall be held invalid, the remainder of this Declaration, or the application of such provision to Persons or circumstances other than those to which it is held invalid, shall not be
affected thereby. 

  
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 SECTION 14.7 Counterparts 
 This Declaration may contain more than one counterpart of the signature page and this Declaration may be executed by the affixing of the signature of each of the Trustees to one or more of such
counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature page. 

  
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 IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day
and year first above written. 
  

			
	  

	Gerald H. Lipkin
	as Administrative Trustee
	
	  

	Alan D. Eskow
	as Administrative Trustee
	
	  

	 Jack Blackin
 as
Administrative Trustee

	
	THE BANK OF NEW YORK (DELAWARE)
	as Delaware Trustee
		
	By:	 	  

	Name:	 	William T. Lewis
	Title:	 	Senior Vice President
	
	THE BANK OF NEW YORK
	as Property Trustee
		
	By:	 	  

	Name:	 	Julie Salovitch-Miller
	Title:	 	Vice President
	
	 VALLEY NATIONAL BANCORP,
 as Sponsor

		
	By:	 	  

	Name:	 	Alan D. Eskow
	Title:	 	 Executive Vice President,

Chief Financial Officer










 ANNEX I 

TERMS OF 7 3/4% PREFERRED SECURITIES, 7 3/4% COMMON SECURITIES 
 Pursuant to
Section 7.1 of the Amended and Restated Declaration, dated as of November 7, 2001 (as amended from time to time, the “Declaration”), the designation, rights, privileges, restrictions, preferences and other terms and provisions of
the Securities are set out below (each capitalized term used but not defined herein has the meaning set forth in the Declaration, the Indenture or, if not defined in such Declaration or Indenture, as defined in the Registration Statement referred to
below in Section 2(c) of this Annex I): 
  

	 	1.	Designation and Number. 

 (a) Preferred Securities. Up to 8,000,000 Preferred Securities of the Trust, with an aggregate liquidation amount with respect to the assets of the Trust of Two-Hundred Million Dollars
($200,000,000) and with a liquidation amount with respect to the assets of the Trust of Twenty Five Dollars ($25) per preferred security, are hereby designated for the purposes of identification only as “7 3/4% Trust Originated Preferred SecuritiesSM
(“TOPrSSM”) (the “Preferred
Securities”). The certificates evidencing the Preferred Securities shall be substantially in the form of Exhibit A-1 to the Declaration, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom
or practice or to conform to the rules of any exchange or quotation system on or in which the Preferred Securities are listed, traded or quoted. 
 (b) Common Securities. Up to 247,423 Common Securities of the Trust with an aggregate liquidation amount with respect to the assets of the Trust of Six Million One- Hundred and Eighty-Five Thousand
Five Hundred and Seventy Five Dollars ($6,185,575) and a liquidation amount with respect to the assets of the Trust of Twenty Five Dollars ($25) per common security, are hereby designated for the purposes of identification only as “7 3/4% Common Securities” (the “Common
Securities”). The certificates evidencing the Common Securities shall be substantially in the form of Exhibit A-2 to the Declaration, with such changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom or
practice. 
 (c) Undivided Interests. The Preferred Securities and the Common Securities represent undivided
beneficial interests in the assets of the Trust. 
 (d) Debentures. In connection with the purchase of the Securities,
the Sponsor will deposit in the Trust, and the Trust will purchase, respectively, as trust assets, Debentures of the Sponsor having an aggregate principal amount of up to Two-Hundred and Six Million One-Hundred and Eighty-Five Thousand Five Hundred
and Seventy Five Dollars ($206,185,575) and bearing interest at an annual rate equal to the annual Distribution rate on the Preferred Securities and Common Securities and having payment and redemption provisions which correspond to the payment and
redemption provisions of the Preferred Securities and Common Securities. 

  
 I-1










	 	2.	Distributions. 

 (a) Distributions on each Security will be payable at a fixed rate per annum of
7 3/4% (the “Coupon Rate”) of the
liquidation amount of $25 per Security, such rate being the rate of interest payable on the Debentures to be held by the Property Trustee. Interest on Debentures in arrears for more than one quarterly period will accrue additional interest thereon
compounded quarterly at the Coupon Rate (to the extent permitted by applicable law) and as a result, Distributions in arrears will accumulate additional Distributions. The term “Distributions” as used herein, includes distributions of any
and all such interest payable unless otherwise stated. A Distribution is payable only to the extent that payments are made with respect to the Debentures held by the Property Trustee and to the extent the Property Trustee has funds legally available
therefor. 
 (b) As an undivided ownership interest in the Debentures, Distributions on the
Securities will be cumulative, will accumulate from the most recent date to which Distributions have been paid or, if no Distributions have been paid, from November 7, 2001 and will be payable quarterly in arrears on
March 15th, June 15th, September 15th and December 15th of each year, commencing December 15, 2001 (each, a “Distribution Date”), except as otherwise described below. Distributions will be computed on the basis of a
360-day year comprised of twelve 30 day months. Distributions payable for any period shorter than a full quarterly period will be computed on the basis of a 30-day month and, for periods of less than a month, the actual number of days elapsed per
30-day month. As long as no Event of Default has occurred and is continuing under the Indenture, the Sponsor has the right under the Indenture to defer payments of interest by extending the interest payment period at any time and from time to time
on the Debentures for a period not exceeding 20 consecutive quarterly periods, including the first such quarterly period during such period (each an “Extension Period”), during which Extension Period no interest shall be due and payable on
the Debentures, provided, that no Extension Period shall end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the Debentures. As a consequence of such deferral, interest in the
Debentures will continue to accrue, and, as a result, Distributions will also be deferred. Notwithstanding such deferral, interest on the Debentures will continue to accrue, and, as a result, Distributions will continue to accumulate with additional
Distributions thereon (to the extent permitted by applicable law but not at a rate greater than the rate at which interest is then accruing on the Debentures) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the
termination of any such Extension Period, the Sponsor may further defer payments of interest by further extending such Extension Period, provided that such extension does not cause such Extension Period, together with all such previous and further
extensions within such Extension Period, to exceed 20 consecutive quarterly periods, including the first quarterly period during such Extension Period, end on a date other than an Interest Payment Date for the Debentures or extend beyond the
Maturity Date of the Debentures. Upon the termination of any Extension Period and the payment of all amounts then due, the Sponsor may commence a new Extension Period, subject to the above requirements. 

(c) Distributions on the Securities will be payable to the Holders thereof as they appear on the books and records of the Trust on the
close of business on the 1st day of the month in which the relevant Distribution Date occurs, which Distribution Dates correspond to 

  
 I-2









 
the Interest Payment Dates for the Debentures. Subject to any applicable laws and regulations and the provisions of the Declaration, each such payment with respect to the Preferred Securities
will be made as described under the heading “Book-Entry Issuance-Payment and Paying Agency” in the Prospectus contained as part of the Registration Statement of the Sponsor and the Trust relating to the Securities and the Debentures. The
relevant record dates for the Common Securities shall be the same as the record dates for the Preferred Securities. Distributions payable on any Securities that are not punctually paid on any Distribution Date, as a result of the Sponsor having
failed to make a payment under the Debentures, will cease to be payable to the Holder on the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Securities are registered on the special
record date or other specified date determined in accordance with the Indenture. If any date on which Distributions are payable on the Securities is not a Business Day, then payment of the Distributions payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on such date. 
 (d) In the event that there is any money or other property held by or for the Trust that is not accounted for hereunder, such property shall be distributed Pro Rata (as defined herein) among the Holders.

  

	 	3.	Liquidation Distribution Upon Dissolution. 

 In the event of any dissolution of the Trust, the Trust shall be liquidated by the Administrative Trustees as expeditiously as the Administrative Trustees determine to be possible by distributing to the
Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, a Like Amount (as defined below) of the Debentures, unless such distribution is determined by the Property Trustee not to be practicable, in which
event such Holders will be entitled to receive out of the assets of the Trust legally available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the aggregate
of the liquidation amount of $25 per Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). 

“Like Amount” means (i) with respect to a redemption of the Securities, Securities having a Liquidation Amount equal to
the principal amount of Debentures to be paid in accordance with their terms and (ii) with respect to a distribution of Debentures upon the liquidation of the Trust, Debentures having a principal amount equal to the Liquidation Amount of the
Securities of the Holder to whom such Debentures are distributed. 
 If, upon any such liquidation, the Liquidation Distribution
can be paid only in part because the Trust has insufficient assets legally available to pay in full the aggregate Liquidation Distribution, then the amounts payable directly by the Trust with respect to the Securities shall be paid on a Pro Rata
basis. 

  
 I-3










	 	4.	Redemption and Distribution. 

 (a) Upon the repayment of the Debentures in whole or in part, at maturity or otherwise (either at the option of the Sponsor or pursuant to a Special Event, as described below), the proceeds from such
repayment shall be simultaneously applied by the Property Trustee (subject to the Property Trustee having received written notice no later than 45 days prior to such repayment), pro rata, to redeem a Like Amount of the Securities at a redemption
price equal to (i) in the case of the repayment of the Debentures on the Maturity Date, the Maturity Redemption Price (as defined below), (ii) in the case of the optional prepayment of the Debentures prior to the Initial Optional
Redemption Date and upon the occurrence and continuation of a Special Event, the Special Event Redemption Price (as defined below) and (iii) in the case of the optional prepayment of the Debentures on or after the Initial Optional Redemption
Date, the Optional Redemption Price (as defined below). The Maturity Redemption Price, the Special Event Redemption Price and the Optional Redemption Price are referred to collectively as the “Redemption Price.” Holders will be given not
less than 30 nor more than 60 days prior written notice of such redemption. 
 (b) (i) The “Maturity Redemption Price”
shall mean an amount equal to 100% of the Liquidation Amount of, plus accumulated and unpaid Distributions on, the Securities as of the Maturity Date thereof. 
 (ii) The Sponsor shall have the right (subject to the conditions in the Indenture) to elect to prepay the Debentures, in whole or in part, at any time on or after November 7, 2006 (the “Initial
Optional Redemption Date”), and, simultaneous with such prepayment, to cause a Like Amount of the Securities to be redeemed by the Trust at the Optional Redemption Price on a Pro Rata basis. “Optional Redemption Price” shall mean an
amount equal to 100% of the Liquidation Amount of the Securities to be redeemed plus accumulated and unpaid Distributions thereon, if any, to the date of such redemption: 
 (c) If at any time an Investment Company Event, a Regulatory Capital Event or a Tax Event (each as defined below, and each a “Special Event”) occurs, the Sponsor shall have the right (subject to
the conditions set forth in the Indenture) at any time prior to the Initial Optional Redemption Date, to prepay the Debentures in whole, but not in part, within the 90 days following the occurrence of such Special Event (the “90 Day
Period”), and, simultaneous with such prepayment, to cause a Like Amount of the Securities to be redeemed by the Trust at the Special Event Redemption Price on a Pro Rata basis. 

“Investment Company Event” shall mean the receipt by the Sponsor and the Trust of an opinion of independent securities counsel
experienced in such matters to the effect that as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of
any applicable regulatory authority for the Sponsor or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or
decision is announced on or after the date of original issuance of the Securities, the Trust is, or within 90 days of the date of such opinion will be, considered an Investment Company that is required to be registered under the Investment Company
Act. 

  
 I-4









 “Regulatory Capital Event” shall mean the receipt by the Sponsor and the Trust of
an opinion of independent bank regulatory counsel experienced in such matters to the effect that as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the
United States or any rules, guidelines or policies of an applicable regulatory authority for the Sponsor or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Securities, the Preferred Securities do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 1
Capital (or its then equivalent if the Sponsor were subject to such capital requirement) for purposes of capital adequacy guidelines of the Federal Reserve Board (or any successor regulatory authority with jurisdiction over bank holding companies),
as then in effect and applicable to the Sponsor; provided, however, that the distribution of the Debentures in connection with the liquidation of the Trust by the Sponsor shall not in and of itself constitute a Regulatory Capital
Event. 
 “Special Event Redemption Price” shall mean, with respect to any redemption of the Securities following a
Special Event, an amount in cash equal to 100% of the liquidation amount of the Securities plus any accumulated and unpaid Distributions thereon to the date of such redemption. 

A “Tax Event” shall occur upon receipt by the Sponsor and the Trust of an opinion of independent tax counsel experienced in
such matters to the effect that, as a result of (a) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any political subdivision or taxing authority
thereof or therein, or (b) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the
date of original issuance of the Securities, there is more than an insubstantial risk that (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or
accrued on the Debentures, (ii) the interest payable by the Sponsor on the Debentures is not, or within 90 days of the date of such opinion will not be, deductible by the Sponsor, in whole or in part, for federal income tax purposes, or
(iii) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 
 (d) In the case of an optional redemption, if fewer than all the outstanding Securities are to be so redeemed, the Common Securities and the Preferred Securities shall be redeemed Pro Rata and the
Preferred Securities to be redeemed will be determined as described in Section 4(g)(ii) below. Upon the entry of an order for the dissolution of the Trust by a court of competent jurisdiction, the Debentures thereafter will be subject to
optional redemption, in whole, but not in part, on or after the Initial Optional Redemption Date. 

  
 I-5









 (e) On and from the date fixed by the Administrative Trustees for any distribution of
Debentures and liquidation of the Trust: (i) the Securities will no longer be deemed to be outstanding, (ii) the Clearing Agency or its nominee (or any successor Clearing Agency or its nominee), as the Holder of the Preferred Securities,
will receive a registered global certificate or certificates representing the Debentures to be delivered upon such distribution, and (iii) any certificates representing Securities not held by the Clearing Agency or its nominee (or any successor
Clearing Agency or its nominee) will be deemed to represent a Like Amount of Debentures until such certificates are presented to the Sponsor or its agent for transfer or reissue. 

(f) The Trust may not redeem fewer than all the outstanding Securities unless all accumulated and unpaid Distributions have been paid on
all Securities for all quarterly Distribution periods terminating on or before the date of redemption. 
 (g) The procedure with
respect to redemptions or distributions of Securities shall be as follows: 
 (i) Notice of any redemption of, or notice of
distribution of Debentures in exchange for, the Securities (a “Redemption/Distribution Notice”) will be given by the Trust by mail to each Holder of Securities to be redeemed or exchanged not fewer than 30 nor more than 60 days before the
date fixed for redemption or exchange thereof which, in the case of a redemption, will be the date fixed for redemption of the Debentures. For purposes of the calculation of the date of redemption or exchange and the dates on which notices are given
pursuant to this Section 4(g)(i), a Redemption/Distribution Notice shall be deemed to be given on the day such notice is first mailed by first-class mail, postage prepaid, to Holders. Each Redemption/Distribution Notice shall be addressed to
the Holders at the address of each such Holder appearing in the books and records of the Trust. No defect in the Redemption/Distribution Notice or in the mailing of either thereof with respect to any Holder shall affect the validity of the
redemption or exchange proceedings with respect to any other Holder. 
 (ii) In the event that fewer than all the outstanding
Securities are to be redeemed, the particular Securities to be redeemed shall be selected on a Pro Rata basis (based upon Liquidation Amounts) not more than 60 nor less than 30 days prior to the date fixed for redemption from the outstanding
Securities not previously called for redemption. With respect to Preferred Securities registered in the name of and held of record by the Clearing Agency or its nominee (or any successor Clearing Agency or its nominee) or any nominee, the
distribution of the proceeds of such redemption will be made to the Clearing Agency and disbursed by such Clearing Agency in accordance with the procedures applied by such agency or nominee. 

(iii) If Securities are to be redeemed and the Trust gives a Redemption/ Distribution Notice (which notice will be irrevocable), then
(A) with respect to Preferred Securities issued in book-entry form, by 12:00 noon, New York City time, on the redemption date, provided that the Sponsor has paid the Property Trustee a sufficient amount of cash in connection with the related
redemption or maturity of the Debentures by 10:00 a.m., New York City time, on the Maturity Date or the date of redemption, as the case requires, the Property 

  
 I-6









 
Trustee will deposit irrevocably with the Clearing Agency or its nominee (or successor Clearing Agency or its nominee) immediately available funds sufficient to pay the applicable Redemption
Price with respect to such Preferred Securities and will give the Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the relevant Clearing Agency Participants, and (B) with respect to Preferred Securities
issued in certificated form and Common Securities, provided that the Sponsor has paid the Property Trustee a sufficient amount of cash in connection with the related redemption or maturity of the Debentures, the Property Trustee will irrevocably
deposit with the paying agent for the Preferred Securities (if other than the Property Trustee) funds sufficient to pay the applicable Redemption Price to the Holders by check mailed to the address of the relevant Holder appearing on the books and
records of the Trust on the redemption date, and provided further, that any such payment shall become due only upon surrender by the Holder of the related certificated Preferred Securities. If a Redemption/Distribution Notice shall have been given
and funds deposited as required, if applicable, then immediately prior to the close of business on the date of such deposit, or on the redemption date, as applicable, Distributions will cease to accumulate on the Securities so called for redemption
and all rights of Holders so called for redemption will cease, except the right of the Holders of such Securities to receive the Redemption Price, but without interest on such Redemption Price, and such Securities shall cease to be outstanding.

 (iv) Payment of accumulated and unpaid Distributions on the Redemption Date of the Securities will be subject to the rights
of Holders at the close of business on a regular record date in respect of a Distribution Date occurring on or prior to such Redemption Date. Neither the Administrative Trustees nor the Trust shall be required to register or cause to be registered
the transfer of (i) any Securities beginning at the opening of business 15 days before the day of mailing of a notice of redemption or any notice of selection of Securities for redemption or (ii) any Securities selected for redemption,
except the unredeemed portion of any Security being redeemed. If any date fixed for redemption of Securities is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Business
Day (and without any interest or other payment in respect of any such delay). If payment of the Redemption Price with respect to any Securities is improperly withheld or refused and not paid either by the Property Trustee or by the Sponsor as
guarantor pursuant to the relevant Securities Guarantee, Distributions on such Securities will continue to accumulate from the original redemption date to the actual date of payment, in which case the actual payment date will be considered the date
fixed for redemption for purposes of calculating the Redemption Price. 
 (v) Redemption/Distribution Notices shall be sent by
the Property Trustee on behalf of the Trust to (A) with respect to Preferred Securities issued in book-entry form, the Clearing Agency or its nominee (or any successor Clearing Agency or its nominee), (B) with respect to Preferred
Securities issued in certificated form, to the Holders thereof, and (C) with respect to the Common Securities, to the Holders thereof. 
 (vi) Subject to the foregoing and applicable law (including, without limitation, United States federal securities laws and banking laws), the Sponsor or any of its subsidiaries may at any time and from
time to time purchase outstanding Preferred Securities by tender, in the open market or by private agreement. 

  
 I-7










	 	5.	Voting Rights - Preferred Securities. 

 (a) Except as provided under Sections 5(b), 6(b) and 7 and as otherwise required by law and the Declaration, the Holders of the Preferred Securities will have no voting rights. 

(b) So long as any Debentures are held by the Property Trustee, the Trustees shall not (i) direct the time, method and place of
conducting any proceeding for any remedy available to the Debenture Trustee or executing any trust or power conferred on such Debenture Trustee with respect to the Debentures, (ii) waive any past default that is waivable under Section 5.07
of the Indenture, (iii) exercise any right to rescind or annul a declaration of acceleration of the maturity of the principal of the Debentures or (iv) consent to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders of a Majority in Liquidation Amount of all outstanding Preferred Securities; provided, however, that where a consent
under the Indenture would require the consent of each holder of Debentures affected thereby, no such consent shall be given by the Property Trustee without the prior approval of each Holder of the Preferred Securities; provided further, where a
consent under the Indenture would require the consent of Holders of a majority of the aggregate principal amount of Debentures affected thereby, only the Holders of the percentage of aggregate stated liquidation amount of the Preferred Securities
which is at least equal to the percentage required under the Indenture may direct the Property Trustee to give such consent; provided, further that if a Debenture Event of Default has occurred and is continuing, then Holders of 25% of the aggregate
liquidation amount of the Preferred Securities may direct the Property Trustee to declare the principal of and interest or other required payments on the Debentures due and payable. The Trustees shall not revoke any action previously authorized or
approved by a vote of the Holders of the Preferred Securities except by subsequent vote of such Holders. The Property Trustee shall notify each Holder of Preferred Securities of any notice of default with respect to the Debentures. In addition to
obtaining the foregoing approvals of such Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Trustees shall obtain an opinion of counsel experienced in such matters to the effect that the Trust will continue to be
classified as a grantor trust for United States federal income tax purposes after taking any such action into account. 
 If an
Event of Default under the Declaration has occurred and is continuing and such event is attributable to the failure of the Sponsor to pay principal of or interest or other required payments on the Debentures on the due date (or, in the case of
redemption, on the redemption date), then a Holder of Preferred Securities may institute a proceeding directly against the Sponsor for enforcement of payment to such Holder of the principal of or interest on a Like Amount of Debentures (a
“Direct Action”) on or after the respective due date specified in the Debentures. In connection with such Direct Action, the Common Securities Holder will be subrogated to the rights of such Holder of Preferred Securities to the extent of
any payment made by the Sponsor to such Holder of Preferred Securities in such Direct Action. Except as provided in the second preceding sentence, or except as set forth in Section 3.8(e) of the Declaration, the Holders of Preferred Securities
will not be able to exercise directly any other remedy available to the holders of the Debentures. 

  
 I-8









 Any approval or direction of Holders of Preferred Securities may be given at a separate
meeting of Holders of Preferred Securities convened for such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Property Trustee will cause a notice of any meeting at which Holders of Preferred
Securities are entitled to vote to be mailed to each Holder of record of Preferred Securities. Each such notice will include a statement setting forth (i) the date of such meeting or the date by which such action is to be taken, (ii) a
description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter upon which written consent is sought and (iii) instructions for the delivery of proxies or consent. 

No vote or consent of the Holders of the Preferred Securities will be required for the Trust to redeem and cancel Preferred Securities or
to distribute the Debentures in accordance with the Declaration and the terms of the Securities. 
 Notwithstanding that Holders
of Preferred Securities are entitled to vote or consent under any of the circumstances described above, any of the Preferred Securities that are owned by the Sponsor or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall,
for purposes of such vote or consent, be treated as if they were not outstanding. 
  

	 	6.	Voting Rights - Common Securities. 

 (a) Except as provided under Section 6(b) or as otherwise required by law and the Declaration, the Holders of the Common Securities will have no voting rights. 

(b) Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be removed at any time by the Holder of
the Common Securities. If a Debenture Event of Default has occurred and is continuing, the Property Trustee and the Delaware Trustee may be removed at such time only by the Holders of a Majority in Liquidation Amount of the outstanding Preferred
Securities. In no event will the Holders of the Preferred Securities have the right to vote to appoint, remove or replace the Administrative Trustees, which voting rights are vested exclusively in the Sponsor as the Holder of the Common Securities.
No resignation or removal of a Trustee and no appointment of a successor trustee shall be effective until the acceptance of appointment by the successor trustee in accordance with the provisions of the Declaration. 

During any Event of Default, no vote or consent of the Holders of the Common Securities will be required or obtained by the
Administrative Trustees with respect to that Event of Default, until that Event of Default has been cured or waived. During that Event of Default, the Property Trustee will act on behalf of the Holders of the Preferred Securities without regard to
any vote or consent by the Holders of the Common Securities. 
 If an Event of Default under the Declaration has occurred and is
continuing and such event is attributable to the failure of the Sponsor to pay principal of or interest on the Debentures on the due date (or in the case of redemption, on the redemption date), then a Holder


  
 I-9









 
of Common Securities may institute a Direct Action directly against the Sponsor for enforcement of payment to such Holder of the principal of or interest on a Like Amount of Debentures on or
after the respective due date specified in the Debentures. In connection with such Direct Action, the rights of the Common Securities Holder will be subordinated to the rights of Holders of Preferred Securities in respect of any payment from the
Sponsor in such Direct Action. Except as provided in the second preceding sentence, the Holders of Common Securities will not be able to exercise directly any other remedy available to the holders of the Debentures. 

Any approval or direction of Holders of Common Securities may be given at a separate meeting of Holders of Common Securities convened for
such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a notice of any meeting at which Holders of Common Securities are entitled to vote, or of any matter
upon which action by written consent of such Holders is to be taken, to be mailed to each Holder of record of Common Securities. Each such notice will include a statement setting forth (i) the date of such meeting or the date by which such
action is to be taken, (ii) a description of any resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter upon which written consent is sought, and (iii) instructions for the delivery of
proxies or consents. 
 No vote or consent of the Holders of the Common Securities will be required for the Trust to redeem and
cancel Common Securities or to distribute the Debentures in accordance with the Declaration and the terms of the Securities. 
  

	 	7.	Pro Rata. 

 A reference
in these terms of the Securities to any payment, distribution or treatment as being “Pro Rata” shall mean pro rata to each Holder according to the aggregate liquidation amount of the Securities held by such Holder in relation to the
aggregate liquidation amount of all Securities outstanding unless, in relation to a payment, an Event of Default under the Declaration has occurred and is continuing, in which case any funds available to make such payment shall be paid first to each
Holder of the Preferred Securities pro rata according to the aggregate liquidation amount of Preferred Securities held by such Holder relative to the aggregate liquidation amount of all Preferred Securities outstanding and then, only after
satisfaction of all amounts owed to the Holders of the Preferred Securities, to each Holder of Common Securities pro rata according to the aggregate liquidation amount of Common Securities held by such Holder relative to the aggregate liquidation
amount of all Common Securities outstanding. 
  

	 	8.	Ranking. 

 The Preferred
Securities rank pari passu with the Common Securities and payment thereon shall be made Pro Rata with the Common Securities, except that, if an Event of Default under the Declaration occurs and is continuing, no payments in respect of
Distributions on, or payments upon liquidation, redemption or otherwise with respect to, the Common Securities shall be made until the Holders of the Preferred Securities shall be paid in full the Distributions, Redemption Price, Liquidation
Distribution and any other payments to which they are entitled at such time. 

  
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	 	9.	Acceptance of Preferred Securities Guarantee, Common Securities Guarantee. Indenture and Debentures. 


Each Holder of Preferred Securities and Common Securities, by the acceptance thereof, agrees to the provisions of the Preferred
Securities Guarantee, the Common Securities Guarantee, the Indenture and the Debentures, as applicable, including the subordination provisions therein. 
  

	 	10.	No Preemptive Rights. 


Neither the issuance of Preferred Securities, nor the issuance of Common Securities is subject to preemptive or other similar rights. The
Holders shall have no preemptive or similar rights to subscribe for any additional securities. 
  

	 	11.	Miscellaneous. 

 These
terms constitute a part of the Declaration. The Sponsor will provide a copy of the Declaration, the Preferred Securities Guarantee or the Common Securities Guarantee, as applicable, and the Indenture (including any supplemental indenture) to a
Holder without charge upon written request to the Trust at its principal place of business. 

  
 I-11









 EXHIBIT A-1 
 PREFERRED SECURITY CERTIFICATE 
 [FACE OF SECURITY] 

THIS PREFERRED SECURITY IS A GLOBAL PREFERRED SECURITY WITHIN THE MEANING OF THE DECLARATION HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE “CLEARING AGENCY”) OR A NOMINEE OF THE CLEARING AGENCY. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A
NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY TO THE TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	Certificate Number: 1	  	Aggregate Liquidation Amount: $175,000,000

 CUSIP Number: 92856Q 20 3 
 Certificate Evidencing Preferred Securities of VNB Capital Trust I 
 7 3/4%
Trust Preferred Securities 
 (liquidation amount $25.00 per Preferred Security) 

VNB Capital Trust I, a statutory business trust created under the laws of the State of Delaware (the “Trust”), hereby certifies
that Cede & Co. (the “Holder”) is the registered owner of $175,000,000 in aggregate liquidation amount of Preferred Securities of the Trust representing undivided preferred beneficial interests in the assets of the Trust
designated the 

  
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7 3/4% Trust Preferred Securities, (liquidation amount $25 per Preferred Security) (the “Preferred Securities”). The Preferred Securities are transferable on the books and records of the Trust, in
person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions, preferences and other terms and provisions of the Preferred Securities
represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Declaration of Trust, dated as of November 7, 2001, as the same may be amended from time to time (the “Declaration”),
including the designation of the terms of the Preferred Securities as set forth in Annex I to the Declaration. Capitalized terms used but not defined herein shall have the meaning given them in the Declaration. The Sponsor will provide a copy of the
Declaration, the Preferred Securities Guarantee and the Indenture (including any supplemental indenture) to a Holder without charge upon written request to the Trust at its principal place of business. 

Upon receipt of this Certificate, the Holder is bound by the Declaration and is entitled to the benefits thereunder and to the benefits
of the Preferred Securities Guarantee to the extent provided therein. 
 By acceptance hereof, the Holder agrees, for United
States federal income tax purposes, to treat the Debentures as indebtedness and the Preferred Securities as evidence of indirect beneficial ownership in the Debentures. 

IN WITNESS WHEREOF, the Trust has executed this certificate this 7th day of November 2001. 

 

			
	VNB CAPITAL TRUST I
		
	By:	 	  

		 	Alan D. Eskow
		 	Administrative Trustee


  
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 PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the
7 3/4% Trust Preferred Securities of VNB Capital
Trust I referred to in the within-mentioned Declaration. 
 Dated: November 7, 2001 

 

			
	THE BANK OF NEW YORK
	not in its individual capacity but solely as Property Trustee
		
	By:	 	  

		 	Julie Salovitch-Miller
		 	Vice President


  
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 [REVERSE OF SECURITY] 

As an undivided beneficial interest in the Debentures, each Preferred Security will be paid Distributions at a fixed
rate per annum of 7 3/4% (the “Coupon
Rate”) of the liquidation amount of $25 per Preferred Security, such rate being the rate of interest payable on the Debentures to be held by the Property Trustee. Interest on the Debentures, and, as a result, Distributions, in arrears for more
than one quarterly period will bear interest thereon compounded quarterly at the Coupon Rate (to the extent permitted by applicable law). The term “Distributions,” as used herein, includes such cash distributions and any and all such
interest payable unless otherwise stated. A Distribution is payable only to the extent that payments are made in respect of the Debentures held by the Property Trustee and to the extent the Property Trustee has funds legally available therefor.

 Interest on the Debentures will be cumulative, will accumulate from the most recent date to which
Distributions have been paid or, or if no Distributions have been paid, from November 7, 2001 and will be payable quarterly in arrears on March 15th, June 15th, September 15th and December 15th of each year,
commencing December 15, 2001, except as otherwise described below. As a result, Distributions on the Preferred Securities will be cumulative, will accumulate from the most recent date to which Distributions have been paid or, if no
Distributions have been paid, from November 7, 2001 and will be payable quarterly in arrears, on March 15th, June 15th, September 15th and December 15th of each year, commencing December 15, 2001, except as otherwise described below. Distributions will be computed
on the basis of a 360-day year of twelve 30-day months. Interest, and, as a result, Distributions payable for any period shorter than a full quarterly period will be computed on the basis of a 30-day month and, for periods of less than a month, the
actual number of days elapsed per 30-day month. As long as no Event of Default has occurred and is continuing under the Indenture, the Sponsor has the right under the Indenture to defer payments of interest by extending the interest payment period
at any time and from time to time on the Debentures for a period not exceeding 20 consecutive quarterly calendar periods, including the first such quarterly period during such extension period (each an “Extension Period”), provided that no
Extension Period shall end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the Debentures. As a consequence of such deferral, Distributions will also be deferred. 

Notwithstanding such deferral, quarterly interest payments will continue to accrue, and, as a result, Distributions will continue to
accumulate (to the extent permitted by applicable law, but not at a rate exceeding the rate of interest then accruing on the Debentures), at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any
Extension Period, the Sponsor may further defer payments of interest by further extending such Extension Period; provided that such Extension Period, together with all such previous and further extensions within such Extension Period, may not
(i) exceed 20 consecutive quarterly periods, including the first quarterly period during such Extension Period, (ii) end on a date other than an Interest Payment Date for the Debentures or (iii) extend beyond the Maturity Date of the
Debentures. Payments of accumulated Distributions will be payable to Holders as they appear on the books and records of the Trust on the record date immediately preceding the end of the Extension Period. Upon the termination of any Extension Period
and the payment of all amounts then due, the Sponsor may commence a new Extension Period, subject to the above requirements. 

  
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 Subject to receipt by the Sponsor of any and all required regulatory approvals and to
certain other conditions set forth in the Declaration and the Indenture, the Property Trustee may, at the direction of the Sponsor, at any time dissolve the Trust, and after satisfaction of liabilities to creditors of the Trust as provided by
applicable law, cause the Debentures to be distributed to the Holders of the Securities in liquidation of the Trust or, simultaneously with any redemption of the Debentures, cause a Like Amount of the Securities to be redeemed by the Trust.

 The Preferred Securities shall be redeemable as provided in the Declaration. The following abbreviations, when used in the
inscription on the face of this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN CON - as tenants in common 
 TENANT - as tenants in the entireties 

JT TEN - as joint tenants with right of survival 
 UNIF GIFT MIN ACT - under Uniform Gift to Minors Act and not as tenants 

Additional abbreviations may also be used though not in the above list. 

  
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 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby assigns and transfers this Preferred Security Certificate to: 
  

					
			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	 (Assignee’s social security or tax

	
	identification number)

  

					
		 	  
	 	
			
		 	(Address and zip code of assignee)	 	

 and irrevocably appoints 

					
			
		 	  
	 	
			
		 	  
	 	
			
		 	agent	 	

 to transfer this Preferred Security Certificate on the books of the Trust. 

The agent may substitute another to act for him or her. 
 Date:                     

 

							
		 	Signature:	 	  
	 	

 (Sign exactly as your name appears on the other side of this Preferred Security Certificate) 

 

							
		 	Signature Guarantee:	 	  
	 	

 Signature must be guaranteed by an “eligible guarantor institution” that is a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the 

  
 A-6









 
Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as
may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-7









 EXHIBIT A-2 
 COMMON SECURITY CERTIFICATE 
 [FACE OF SECURITY] 

THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW. NEITHER THIS COMMON SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 
 This Certificate is not transferable except in
compliance with Section 9.1(c) of the Declaration. 
 Certificate Evidencing Common Securities of VNB Capital Trust I

 7 3/4% Common Securities 

(liquidation amount $25 per Common Security) 
 VNB Capital Trust I, a statutory business trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that Valley National Bancorp (the “Holder”) is the
registered owner of 216,495 common securities of the Trust representing undivided beneficial interests in the assets of the Trust designated the
7 3/4% Common Securities (liquidation amount $25 per
Common Security) (the “Common Securities”). Subject to the terms of Section 9.1(c) of the Declaration (as defined below), the Common Securities are not transferable and any attempted transfer shall be void. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Common Securities represented hereby are issued and shall in all respects be subject to the provisions of the Amended and Restated Declaration of the Trust dated as of
November 7, 2001, as the same may be amended from time to time (the “Declaration”), including the designation of the terms of the Common Securities as set forth in Annex I to the Declaration. Capitalized terms used but not defined
herein shall have the meaning given them in the Declaration. The Sponsor will provide a copy of the Declaration, the Common Securities Guarantee and the Indenture (including any supplemental indenture) to a Holder without charge upon written request
to the Trust at its principal place of business. 
 Upon receipt of this Certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder and to the benefits of the Common Securities Guarantee to the extent provided therein. 
 By acceptance hereof, the Holder agrees to treat, for United States federal income tax purposes, the Debentures as indebtedness and the Common Securities as evidence of indirect beneficial ownership in
the Debentures. 

  
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 IN WITNESS WHEREOF, the Trust has executed this certificate this
7th day of November 2001. 

 

			
	VNB CAPITAL TRUST I
		
	By:	 	  

		 	Alan D. Eskow
		 	Administrative Trustee



  
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 [REVERSE OF SECURITY] 

Distributions on each Common Security will be payable at a rate of 7 3/4% per annum (the “Coupon Rate”) of the liquidation
amount of $25 per Common Security, such rate being the rate of interest payable on the Debentures to be held by the Property Trustee. Distributions in arrears for more than one quarterly period will bear interest thereon compounded quarterly at the
Coupon Rate (to the extent permitted by applicable law). The term “Distributions”, as used herein, includes such cash distributions and any and all such interest payable unless otherwise stated. A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Property Trustee and to the extent the Property Trustee has funds legally available therefor. 
 Distributions on the Common Securities will be cumulative, will accrue from the most recent date to which Distributions have been paid or, if no Distributions have been paid, from November 7, 2001
and will be payable quarterly in arrears, on March 15th, June 15th, September 15th and December 15th of each year, commencing December 15, 2001, except as otherwise described below. 

Distributions will be computed on the basis of a 360-day year of twelve 30-day months. Distributions payable for any period shorter than
a full quarterly period will be computed on the basis of a 30-day month and, for periods of less than a month, the actual number of days elapsed per 30-day month. As long as no Event of Default has occurred and is continuing under the Indenture, the
Sponsor has the right under the Indenture to defer payments of interest by extending the interest payment period at any time and from time to time on the Debentures for a period not exceeding 20 consecutive calendar quarterly periods, including the
first such quarterly period during such extension period (each an “Extension Period”), provided that no Extension Period shall end on a date other than an Interest Payment Date for the Debentures or extend beyond the Maturity Date of the
Debentures. As a consequence of such deferral, Distributions will also be deferred. Notwithstanding such deferral, quarterly Distributions will continue to accumulate with interest thereon (to the extent permitted by applicable law, but not at a
rate exceeding the rate of interest then accruing on the Debentures) at the Coupon Rate compounded quarterly during any such Extension Period. Prior to the termination of any Extension Period, the Sponsor may further defer payments of interest by
further extending such Extension Period; provided that such Extension Period, together with all such previous and further extensions within such Extension Period, may not (i) exceed to 20 consecutive quarterly periods, including the first
quarterly period during such Extension Period, (ii) end on a date other than an Interest Payment Date for the Debentures or (iii) extend beyond the Maturity Date of the Debentures. Payments of accrued Distributions will be payable to
Holders as they appear on the books and records of the Trust on the record date immediately preceding the end of the Extension Period. Upon the termination of any Extension Period and the payment of all amounts then due, the Sponsor may commence a
new Extension Period, subject to the above requirements. 
 Subject to the receipt by the Sponsor of any and all required
regulatory approvals and to certain other conditions set forth in the Declaration and the Indenture, the Property Trustee may, at the direction of the Sponsor, at any time dissolve the Trust, and after satisfaction


  
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of liabilities to creditors of the Trust, cause the Debentures to be distributed to the Holders of the Securities in liquidation of the Trust or, simultaneously with any redemption of the
Debentures, cause a Like Amount of the Securities to be redeemed by the Trust. 
 The Common Securities shall be redeemable as
provided in the Declaration. Under certain circumstances, the rights of the holders of the Common Securities shall be subordinate to the rights of the holders of the Preferred Securities, as provided in the Declaration. 

  
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