Document:

ex10-p.htm

    Exhibit
10(p)

     

    

     

    

     

    

     

    

     

    CITY
HOLDING COMPANY

     

    as
Issuer

     

    

     

    

     

    

     

    

     

    

     

    

     

    INDENTURE

     

    Dated as
of March 27, 2008

     

    

     

    

     

    WELLS
FARGO BANK, NATIONAL ASSOCIATION

     

    As
Trustee

     

    

     

    

     

    JUNIOR
SUBORDINATED DEBT SECURITIES

     

    Due June
15, 2038

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

           

          Page

           

        

      

    

    ARTICLE
I

     

    DEFINITIONS

     

    
      	
              SECTION
      1.01.

            	
              Definitions

            	
              1

            

    

    ARTICLE
II

     

    DEBT
SECURITIES

     

    
      	
              SECTION
      2.01.

            	
              Authentication
      and Dating

            	
              8

            
	
              SECTION
      2.02.

            	
              Form
      of Trustee's Certificate of Authentication

            	
              8

            
	
              SECTION
      2.03.

            	
              Form
      and Denomination of Debt Securities

            	
              9

            
	
              SECTION
      2.04.

            	
              Execution
      of Debt Securities

            	
              9

            
	
              SECTION
      2.05.

            	
              Exchange
      and Registration of Transfer of Debt Securities

            	
              9

            
	
              SECTION
      2.06.

            	
              Mutilated,
      Destroyed, Lost or Stolen Debt Securities

            	
              12

            
	
              SECTION
      2.07.

            	
              Temporary
      Debt Securities

            	
              13

            
	
              SECTION
      2.08.

            	
              Payment
      of Interest

            	
              14

            
	
              SECTION
      2.09.

            	
              Cancellation
      of Debt Securities Paid, etc

            	
              15

            
	
              SECTION
      2.10.

            	
              Computation
      of Interest

            	
              15

            
	
              SECTION
      2.11.

            	
              Extension
      of Interest Payment Period

            	
              17

            
	
              SECTION
      2.12.

            	
              CUSIP
      Numbers

            	
              18

            
	
              SECTION
      2.13.

            	
              Global
      Debentures

            	
              18

            
	
              SECTION
      2.14.

            	
              Income
      Tax Certification

            	
              20

            

    

    ARTICLE
III

     

    PARTICULAR
COVENANTS OF THE COMPANY

     

    
      	
              SECTION
      3.01.

            	
              Payment
      of Principal, Premium and Interest; Agreed Treatment of the Debt
      Securities

            	
              20

            
	
              SECTION
      3.02.

            	
              Offices
      for Notices and Payments, etc

            	
              21

            
	
              SECTION
      3.03.

            	
              Appointments
      to Fill Vacancies in Trustee's Office

            	
              21

            
	
              SECTION
      3.04.

            	
              Provision
      as to Paying Agent

            	
              22

            
	
              SECTION
      3.05.

            	
              Certificate
      to Trustee

            	
              23

            
	
              SECTION
      3.06.

            	
              Additional
      Interest

            	
              23

            
	
              SECTION
      3.07.

            	
              Compliance
      with Consolidation Provisions

            	
              23

            
	
              SECTION
      3.08.

            	
              Limitation
      on Dividends

            	
              23

            
	
              SECTION
      3.09.

            	
              Covenants
      as to the Trust

            	
              24

            

    

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
          TABLE
OF CONTENTS

          (CONTINUED)

           

          Page

        

      

    

    ARTICLE
IV

    LISTS AND
REPORTS BY THE COMPANY AND THE TRUSTEE

    
      	
              SECTION
      4.01.

            	
              Securityholders'
      Lists

            	
              25

            
	
              SECTION
      4.02.

            	
              Preservation
      and Disclosure of Lists

            	
              25

            
	
              SECTION
      4.03.

            	
              Financial
      and Other Information

            	
              26

            

    

    ARTICLE
V

     

    REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

     

    
      	
              SECTION
      5.01.

            	
              Events
      of Default

            	
              27

            
	
              SECTION
      5.02.

            	
              Payment
      of Debt Securities on Default; Suit Therefor

            	
              29

            
	
              SECTION
      5.03.

            	
              Application
      of Moneys Collected by Trustee

            	
              30

            
	
              SECTION
      5.04.

            	
              Proceedings
      by Securityholders

            	
              31

            
	
              SECTION
      5.05.

            	
              Proceedings
      by Trustee

            	
              31

            
	
              SECTION
      5.06.

            	
              Remedies
      Cumulative and Continuing

            	
              32

            
	
              SECTION
      5.07.

            	
              Direction
      of Proceedings and Waiver of Defaults by Majority of
      Securityholders

            	
              32

            
	
              SECTION
      5.08.

            	
              Notice
      of Defaults

            	
              33

            
	
              SECTION
      5.09.

            	
              Undertaking
      to Pay Costs

            	
              33

            

    

    ARTICLE
VI

     

    CONCERNING
THE TRUSTEE

     

    
      	
              SECTION
      6.01.

            	
              Duties
      and Responsibilities of Trustee

            	
              34

            
	
              SECTION
      6.02.

            	
              Reliance
      on Documents, Opinions, etc

            	
              35

            
	
              SECTION
      6.03.

            	
              No
      Responsibility for Recitals, etc

            	
              36

            
	
              SECTION
      6.04.

            	
              Trustee,
      Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own
      Debt Securities

            	
              37

            
	
              SECTION
      6.05.

            	
              Moneys
      to be Held in Trust

            	
              37

            
	
              SECTION
      6.06.

            	
              Compensation
      and Expenses of Trustee

            	
              37

            
	
              SECTION
      6.07.

            	
              Officers'
      Certificate as Evidence

            	
              38

            
	
              SECTION
      6.08.

            	
              Eligibility
      of Trustee

            	
              38

            
	
              SECTION
      6.09.

            	
              Resignation
      or Removal of Trustee, Calculation Agent, Paying Agent or Debt Security
      Registrar

            	
              39

            
	
              SECTION
      6.10.

            	
              Acceptance
      by Successor

            	
              40

            
	
              SECTION
      6.11.

            	
              Succession
      by Merger, etc

            	
              41

            
	
              SECTION
      6.12.

            	
              Authenticating
      Agents

            	
              41

            

    

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
          TABLE
OF CONTENTS

          (CONTINUED)

           

          Page

        

      

    

    ARTICLE
VII

     

    CONCERNING
THE SECURITYHOLDERS

     

    
      	
              SECTION
      7.01.

            	
              Action
      by Securityholders

            	
              43

            
	
              SECTION
      7.02.

            	
              Proof
      of Execution by Securityholders

            	
              43

            
	
              SECTION
      7.03.

            	
              Who
      Are Deemed Absolute Owners

            	
              44

            
	
              SECTION
      7.04.

            	
              Debt
      Securities Owned by Company Deemed Not Outstanding

            	
              44

            
	
              SECTION
      7.05.

            	
              Revocation
      of Consents; Future Securityholders Bound

            	
              44

            

    

    ARTICLE
VIII

     

    SECURITYHOLDERS'
MEETINGS

     

    
      	
              SECTION
      8.01.

            	
              Purposes
      of Meetings

            	
              45

            
	
              SECTION
      8.02.

            	
              Call
      of Meetings by Trustee

            	
              45

            
	
              SECTION
      8.03.

            	
              Call
      of Meetings by Company or Securityholders

            	
              45

            
	
              SECTION
      8.04.

            	
              Qualifications
      for Voting

            	
              46

            
	
              SECTION
      8.05.

            	
              Regulations

            	
              46

            
	
              SECTION
      8.06.

            	
              Voting

            	
              46

            
	
              SECTION
      8.07.

            	
              Quorum;
      Actions

            	
              47

            
	
              SECTION
      8.08.

            	
              Written
      Consent Without a Meeting

            	
              48

            

    

    ARTICLE
IX

     

    SUPPLEMENTAL
INDENTURES

     

    
      	
              SECTION
      9.01.

            	
              Supplemental
      Indentures without Consent of Securityholders

            	
              48

            
	
              SECTION
      9.02.

            	
              Supplemental
      Indentures with Consent of Securityholders

            	
              49

            
	
              SECTION
      9.03.

            	
              Effect
      of Supplemental Indentures

            	
              50

            
	
              SECTION
      9.04.

            	
              Notation
      on Debt Securities

            	
              51

            
	
              SECTION
      9.05.

            	
              Evidence
      of Compliance of Supplemental Indenture to be furnished to
      Trustee

            	
              51

            

    

    ARTICLE
X

     

    REDEMPTION
OF SECURITIES

     

    
      	
              SECTION
      10.01.

            	
              Optional
      Redemption

            	
              51

            
	
              SECTION
      10.02.

            	
              Special
      Event Redemption

            	
              51

            
	
              SECTION
      10.03.

            	
              Notice
      of Redemption; Selection of Debt Securities

            	
              52

            
	
              SECTION
      10.04.

            	
              Payment
      of Debt Securities Called for Redemption

            	
              52

            

    

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
          TABLE
OF CONTENTS

          (CONTINUED)

           

          Page

        

      

    

     

    ARTICLE
XI

     

    CONSOLIDATION,
MERGER, SALE, CONVEYANCE AND LEASE

     

    
      	
              SECTION
      11.01.

            	
              Company
      May Consolidate, etc., on Certain Terms

            	
              53

            
	
              SECTION
      11.02.

            	
              Successor
      Entity to be Substituted

            	
              54

            
	
              SECTION
      11.03.

            	
              Opinion
      of Counsel to be Given to Trustee

            	
              54

            

    

    ARTICLE
XII

     

    SATISFACTION
AND DISCHARGE OF INDENTURE

     

    
      	
              SECTION
      12.01.

            	
              Discharge
      of Indenture

            	
              55

            
	
              SECTION
      12.02.

            	
              Deposited
      Moneys to be Held in Trust by Trustee

            	
              55

            
	
              SECTION
      12.03.

            	
              Paying
      Agent to Repay Moneys Held

            	
              56

            
	
              SECTION
      12.04.

            	
              Return
      of Unclaimed Moneys

            	
              56

            

    

    ARTICLE
XIII

     

    IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

     

    
      	
              SECTION
      13.01.

            	
              Indenture
      and Debt Securities Solely Corporate Obligations

            	
              56

            

    

    ARTICLE
XIV

     

    MISCELLANEOUS
PROVISIONS

     

    
      	
              SECTION
      14.01.

            	
              Successors

            	
              56

            
	
              SECTION
      14.02.

            	
              Official
      Acts by Successor Entity

            	
              57

            
	
              SECTION
      14.03.

            	
              Surrender
      of Company Powers

            	
              57

            
	
              SECTION
      14.04.

            	
              Addresses
      for Notices, etc

            	
              57

            
	
              SECTION
      14.05.

            	
              Governing
      Law

            	
              57

            
	
              SECTION
      14.06.

            	
              Evidence
      of Compliance with Conditions Precedent

            	
              57

            
	
              SECTION
      14.07.

            	
              Non-Business
      Days

            	
              58

            
	
              SECTION
      14.08.

            	
              Table
      of Contents, Headings, etc

            	
              58

            
	
              SECTION
      14.09.

            	
              Execution
      in Counterparts

            	
              58

            
	
              SECTION
      14.10.

            	
              Severability

            	
              58

            
	
              SECTION
      14.11.

            	
              Assignment

            	
              59

            
	
              SECTION
      14.12.

            	
              Acknowledgment
      of Rights

            	
              59

            

    

     

     

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
          TABLE
OF CONTENTS

          (CONTINUED)

           

          Page

        

      

    

     

    ARTICLE
XV

     

    SUBORDINATION
OF DEBT SECURITIES

     

    
      	
              SECTION
      15.01.

            	
              Agreement
      to Subordinate

            	
              59

            
	
              SECTION
      15.02.

            	
              Default
      on Senior Indebtedness

            	
              60

            
	
              SECTION
      15.03.

            	
              Liquidation;
      Dissolution; Bankruptcy

            	
              60

            
	
              SECTION
      15.04.

            	
              Subrogation

            	
              61

            
	
              SECTION
      15.05.

            	
              Trustee
      to Effectuate Subordination

            	
              62

            
	
              SECTION
      15.06.

            	
              Notice
      by the Company

            	
              62

            
	
              SECTION
      15.07.

            	
              Rights
      of the Trustee, Holders of Senior Indebtedness

            	
              63

            
	
              SECTION
      15.08.

            	
              Subordination
      May Not Be Impaired

            	
              64

            

    

    

    EXHIBITS

    

    

    
      	
              EXHIBIT
      A

            	
              FORM
      OF DEBT SECURITY

            

    

    

     

    
      
        
          
            	 
      	
                     

                  	 
      

          

          

        

         

      

      
        -v-

        
          

        

      

      
         

      

    

    THIS
INDENTURE, dated as of March 27, 2008, between City Holding Company, a bank
holding company incorporated in West Virginia (hereinafter sometimes called the
"Company"), and Wells Fargo Bank, National Association, a national banking
association, as trustee (hereinafter sometimes called the
"Trustee").

     

    W I T N E
S S E T H:

     

    WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the issuance
of its Junior Subordinated Debt Securities due June 15, 2038 (the "Debt
Securities") under this Indenture and to provide, among other things, for the
execution and authentication, delivery and administration thereof, the Company
has duly authorized the execution of this Indenture.

     

    NOW,
THEREFORE, in consideration of the premises, and the purchase of the Debt
Securities by the holders thereof, the Company covenants and agrees with the
Trustee for the equal and proportionate benefit of the respective holders from
time to time of the Debt Securities as follows:

     

    ARTICLE
I

     

    

     

    DEFINITIONS

     

    SECTION
1.01.  Definitions.

     

    The terms
defined in this Section 1.01 (except as herein otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of
any indenture supplemental hereto shall have the respective meanings specified
in this Section 1.01. All accounting terms used herein and not expressly defined
shall have the meanings assigned to such terms in accordance with generally
accepted accounting principles and the term "generally accepted accounting
principles" means such accounting principles as are generally accepted in the
United States at the time of any computation. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Indenture as a whole
and not to any particular Article, Section or other subdivision.

     

    "Additional
Interest" shall have the meaning set forth in Section 3.06.

     

    "Additional
Provisions" shall have the meaning set forth in Section 15.01.

     

    "Applicable
Depository Procedures" means, with respect to any transfer or transaction
involving a Global Debenture or beneficial interest therein, the rules and
procedures of the Depositary for such Global Debenture, in each case to the
extent applicable to such transaction and as in effect from time to
time.

     

    "Authenticating
Agent" means any agent or agents of the Trustee which at the time shall be
appointed and acting pursuant to Section 6.12.

     

    "Bankruptcy
Law" means Title 11, U.S. Code, or any similar federal or state law for the
relief of debtors.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    "Board of
Directors" means the board of directors or the executive committee or any other
duly authorized designated officers of the Company.

     

    "Board
Resolution" means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification
and delivered to the Trustee.

     

    "Business
Day" means any day other than a Saturday, Sunday or any other day on which
banking institutions in Wilmington, Delaware or New York City are permitted or
required by any applicable law or executive order to close.

     

    "Calculation
Agent" means the Person identified as "Trustee" in the first paragraph hereof
with respect to the Debt Securities and the Institutional Trustee with respect
to the Trust Securities.

     

    "Capital
Securities" means undivided beneficial interests in the assets of the Trust
which are designated as "Capital Securities" and rank pari passu with Common
Securities issued by the Trust; provided, however, that if an Event of Default
has occurred and is continuing, the rights of holders of such Common Securities
to payment in respect of distributions and payments upon liquidation, redemption
and otherwise are subordinated to the rights of holders of such Capital
Securities.  The Capital Securities sold by the Trust to the initial
purchaser pursuant to Purchase Agreement shall be issued in book entry form,
registered in the name of Cede & Co., as nominee on behalf of the Depository
Trust Company, without coupons, and held by the Institutional Trustee as
custodian for the Depository Trust Company.

     

    "Capital
Securities Guarantee" means the guarantee agreement that the Company will enter
into with Wells Fargo Bank, National Association or other Persons that operates
directly or indirectly for the benefit of holders of Capital Securities of the
Trust.

     

    "Capital
Treatment Event" means the receipt by the Company and the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of any
amendment to, or change in, the laws, rules or regulations of the United States
or any political subdivision thereof or therein, or as the result of any
official or administrative pronouncement or action or decision interpreting or
applying such laws, rules or regulations, which amendment or change is effective
or which pronouncement, action or decision is announced on or after the date of
original issuance of the Debt Securities, there is more than an insubstantial
risk that, within 90 days of the receipt of such opinion, the aggregate
Liquidation Amount of the Capital Securities will not be eligible to be treated
by the Company as "Tier 1 Capital" (or the then equivalent thereof) for purposes
of the capital adequacy guidelines of the Federal Reserve or OTS, as applicable
(or any successor regulatory authority with jurisdiction over bank, savings
& loan or financial holding companies), as then in effect and applicable to
the Company; provided, however, that the
inability of the Company to treat all or any portion of the Liquidation Amount
of the Capital Securities as Tier 1 Capital shall not constitute the basis
for a Capital Treatment Event, if such inability results from the Company having
cumulative preferred stock, minority interests in consolidated subsidiaries, or
any other class of security or interest which the Federal

     

     Reserve
or OTS, as applicable, may now or hereafter accord Tier 1 Capital treatment
in excess of the amount which may now or hereafter qualify for treatment as
Tier 1 Capital under applicable capital adequacy guidelines; provided further, however, that the
distribution of the Debt Securities in connection with the liquidation of the
Trust by the Company shall not in and of itself constitute a Capital Treatment
Event unless such liquidation shall have occurred in connection with a Tax Event
or an Investment Company Event.

     

    "Certificate"
means a certificate signed by any one of the principal executive officer, the
principal financial officer or the principal accounting officer of the
Company.

     

    "Common
Securities" means undivided beneficial interests in the assets of the Trust
which are designated as "Common Securities" and rank pari passu with Capital
Securities issued by the Trust; provided, however, that if an Event of Default
has occurred and is continuing, the rights of holders of such Common Securities
to payment in respect of distributions and payments upon liquidation, redemption
and otherwise are subordinated to the rights of holders of such Capital
Securities.

     

    "Company"
means City Holding Company, a bank holding company incorporated in West
Virginia, and, subject to the provisions of Article XI, shall include its
successors and assigns.

     

    "Debt
Security" or "Debt Securities" has the meaning stated in the first recital of
this Indenture.

     

    "Debt
Security Register" has the meaning specified in Section 2.05.

     

    "Debt
Security Registrar" has the meaning specified in Section 2.05.

     

    "Declaration"
means the Amended and Restated Declaration of Trust of the Trust dated as of
March 27, 2008, as amended or supplemented from time to time.

     

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

     

    "Defaulted
Interest" has the meaning set forth in Section 2.08.

     

    "Deferred
Interest" has the meaning set forth in Section 2.11.

     

    "Depositary"
means an organization registered as a clearing agency under the Securities
Exchange Act of 1934 that is designated as Depositary by the Company or any
successor thereto.  DTC will be the initial Depositary.

     

    "Depositary
Participant" means a broker, dealer, bank, other financial institution or other
Person for whom from time to time the Depositary effects book-entry transfers
and pledges of securities deposited with the Depositary.

     

    "DTC"
means The Depository Trust Company, a New York corporation.

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    "Event of
Default" means any event specified in Section 5.01, which has continued for the
period of time, if any, and after the giving of the notice, if any, therein
designated.

     

    "Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, or
any successor legislation.

     

    "Extension
Period" has the meaning set forth in Section 2.11.

     

    "Federal
Reserve" means the Board of Governors of the Federal Reserve
System.

     

    "Global
Debenture" means a security that evidences all or part of the Debt Securities,
the ownership and transfers of which shall be made through book entries by a
Depositary.

     

    "Indenture"
means this instrument as originally executed or, if amended or supplemented as
herein provided, as so amended or supplemented, or both.

     

    "Initial
Purchaser" means the initial purchaser of the Capital Securities.

     

    "Institutional
Trustee" has the meaning set forth in the Declaration.

     

    "Interest
Payment Date" means March 15, June 15, September 15 and December 15 of each
year, commencing on June 15, 2008, during the term of this
Indenture.

     

    "Interest
Payment Period" means the period from and including an Interest Payment Date, or
in the case of the first Interest Payment Period, the original date of issuance
of the Debt Securities, to, but excluding, the next succeeding Interest Payment
Date or, in the case of the last Interest Payment Period, the Redemption Date,
Special Redemption Date or Maturity Date, as the case may be.

     

    "Interest
Rate" means, with respect to any Interest Payment Period, a per annum rate of
interest, reset quarterly, equal to LIBOR, as determined on the LIBOR
Determination Date immediately preceding each Interest Payment Date, plus 3.5%;
provided, however, that the Interest Rate for any Interest Payment Period may
not exceed the highest rate permitted by New York law, as the same may be
modified by United States law of general applicability.

     

    "Investment
Company Event" means the receipt by the Company and the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of a change
in law or regulation or written change in interpretation or application of law
or regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that 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 of 1940, as
amended, which change or prospective change becomes effective or would become
effective, as the case may be, on or after the date of the original issuance of
the Debt Securities.

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    "LIBOR"
means the London Interbank Offered Rate for U.S. Dollar deposits in Europe as
determined by the Calculation Agent according to Section 2.10(b).

     

    "LIBOR
Banking Day" has the meaning set forth in Section 2.10(b)(1).

     

    "LIBOR
Business Day" has the meaning set forth in Section 2.10(b)(1).

     

    "LIBOR
Determination Date" has the meaning set forth in Section 2.10(b).

     

    "Liquidation
Amount" means the liquidation amount of $1,000 per Trust Security.

     

    "Maturity
Date" means June 15, 2038.

     

    "Notice"
has the meaning set forth in Section 2.11.

     

    "Officers'
Certificate" means a certificate signed by the Chairman of the Board, the Vice
Chairman, the President or any Vice President, and by the Chief Financial
Officer, the Treasurer, an Assistant Treasurer, the Comptroller, an Assistant
Comptroller, the Secretary or an Assistant Secretary of the Company, and
delivered to the Trustee. Each such certificate shall include the statements
provided for in Section 14.06 if and to the extent required by the provisions of
such Section.

     

    "Opinion
of Counsel" means an opinion in writing signed by legal counsel, who may be an
employee of or counsel to the Company, or may be other counsel reasonably
satisfactory to the Trustee. Each such opinion shall include the statements
provided for in Section 14.06 if and to the extent required by the provisions of
such Section.

     

    "OTS"
means the Office of Thrift Supervision and any successor federal agency that is
primarily responsible for regulating the activities of savings and loan holding
companies.

     

    "Outstanding"
means, when used with reference to Debt Securities, subject to the provisions of
Section 7.04, as of any particular time, all Debt Securities authenticated and
delivered by the Trustee or the Authenticating Agent under this Indenture,
except

     

    (a)           Debt
Securities theretofore canceled by the Trustee or the Authenticating Agent or
delivered to the Trustee for cancellation;

     

    (b)           Debt
Securities, or portions thereof, for the payment or redemption of which moneys
in the necessary amount shall have been deposited in trust with the Trustee or
with any Paying Agent (other than the Company) or shall have been set aside and
segregated in trust by the Company (if the Company shall act as its own Paying
Agent); provided, that, if
such Debt Securities, or portions thereof, are to be redeemed prior to maturity
thereof, notice of such redemption shall have been given as provided in Articles
X and XIV or provision satisfactory to the Trustee shall have been made for
giving such notice; and

     

    (c)           Debt
Securities paid pursuant to Section 2.06 or in lieu of or in substitution for
which other Debt Securities shall have been authenticated and delivered
pursuant

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    to the
terms of Section 2.06 unless proof satisfactory to the Company and the Trustee
is presented that any such Debt Securities are held by bona fide holders in due
course.

     

    "Paying
Agent" has the meaning set forth in Section 3.04(e).

     

    "Person"
means any individual, corporation, limited liability company, partnership, joint
venture, association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

     

    "Predecessor
Security" of any particular Debt Security means every previous Debt Security
evidencing all or a portion of the same debt as that evidenced by such
particular Debt Security; and, for the purposes of this definition, any Debt
Security authenticated and delivered under Section 2.06 in lieu of a lost,
destroyed or stolen Debt Security shall be deemed to evidence the same debt as
the lost, destroyed or stolen Debt Security.

     

    "Principal
Office of the Trustee" means the office of the Trustee, at which at any
particular time its corporate trust business shall be principally administered,
which at all times shall be located within the United States and at the time of
the execution of this Indenture shall be 919 North Market Street, Suite 1600,
Wilmington, Delaware 19801.

     

    "Redemption
Date" has the meaning set forth in Section 10.01.

     

    "Redemption
Price" means 100% of the principal amount of the Debt Securities being redeemed
plus accrued and unpaid interest on such Debt Securities to the Redemption Date
or, in the case of a redemption due to the occurrence of a Special Event to the
Special Redemption Date if such Special Redemption Date is on or after June 15,
2013.

     

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

     

    "Securities
Act" means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

     

    "Securityholder,"
"holder of Debt Securities" or other similar terms, means any Person in whose
name at the time a particular Debt Security is registered on the Debt Security
Register.

     

    "Senior
Indebtedness" means, with respect to the Company, (i) the principal, premium, if
any, and interest in respect of (A) indebtedness of the Company for money
borrowed and (B) indebtedness evidenced by securities, debentures, notes, bonds
or other similar instruments issued by the Company; (ii) all capital lease
obligations of the Company; (iii) all obligations of the Company issued or
assumed as the deferred purchase price of property, all

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    conditional
sale obligations of the Company and all obligations of the Company under any
title retention agreement (but excluding trade accounts payable arising in the
ordinary course of business); (iv) all obligations of the Company for the
reimbursement of any letter of credit, any banker's acceptance, any security
purchase facility, any repurchase agreement or similar arrangement, any interest
rate swap, any other hedging arrangement, any obligation under options or any
similar credit or other transaction; (v) all obligations of the type referred to
in clauses (i) through (iv) above of other Persons for the payment of which the
Company is responsible or liable as obligor, guarantor or otherwise; and (vi)
all obligations of the type referred to in clauses (i) through (v) above of
other Persons secured by any lien on any property or asset of the Company
(whether or not such obligation is assumed by the Company), whether incurred on
or prior to the date of this Indenture or thereafter incurred, unless (1) with
the prior approval of the Federal Reserve or OTS, as applicable, if not
otherwise generally approved, in the instrument creating or evidencing the same
or pursuant to which the same is outstanding, it is provided that such
obligations are not superior or are pari passu in right of
payment to the Debt Securities; or (2) the Federal Reserve or OTS, as
applicable, shall hereafter classify or otherwise recognize any such obligation
as pari passu or
subordinate to the Debt Securities.

     

    "Special
Event" means any of a Tax Event, an Investment Company Event or a Capital
Treatment Event.

     

    "Special
Redemption Date" has the meaning set forth in Section 10.02.

     

    "Special
Redemption Price" means, with respect to the redemption of any Debt Security
following a Special Event, an amount in cash equal to 103.525% of the principal
amount of Debt Securities to be redeemed prior to June 15, 2009 and thereafter
equal to the percentage of the principal amount of the Debt Securities that is
specified below for the Special Redemption Date plus, in each case, unpaid
interest accrued thereon to the Special Redemption Date:

     

    
      	
              Special Redemption During the

              12-Month Period Beginning June
      15

            	
              Percentage of Principal
    Amount

            
	 
      	 
      
	
              2009

            	
              102.820%

            
	
              2010

            	
              102.115%

            
	
              2011

            	
              101.410%

            
	
              2012

            	
              100.705%

            
	
              2013
      and thereafter

            	
              100.000%

            

    

    

    "Subsidiary"
means, with respect to any Person, (i) any corporation, at least a majority of
the outstanding voting stock of which is owned, directly or indirectly, by such
Person or by one or more of its Subsidiaries, or by such Person and one or more
of its Subsidiaries, (ii) any general partnership, joint venture or similar
entity, at least a majority of the outstanding partnership or similar interests
of which shall at the time be owned by such Person, or by one or more of its
Subsidiaries, or by such Person and one or more of its Subsidiaries, and (iii)
any limited partnership of which such Person or any of its Subsidiaries is a
general partner. For the purposes of this definition, "voting stock" means
shares, interests, participations or other equivalents in the equity interest
(however designated) in such Person having ordinary voting

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    power for
the election of a majority of the directors (or the equivalent) of such Person,
other than shares, interests, participations or other equivalents having such
power only by reason of the occurrence of a contingency.

     

    "Tax
Event" means the receipt by the Company and the Trust of an Opinion of Counsel
experienced in such matters to the effect that, as a result of 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 as a result of any official
administrative pronouncement (including any private letter ruling, technical
advice memorandum, regulatory procedure, notice or announcement (an
"Administrative Action")) or judicial decision interpreting or applying such
laws or regulations, regardless of whether such Administrative Action or
judicial decision is issued to or in connection with a proceeding involving the
Company or the Trust and whether or not subject to review or appeal, which
amendment, clarification, change, Administrative Action or decision is enacted,
promulgated or announced, in each case on or after the date of original issuance
of the Debt 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 Debt Securities; (ii) interest payable by the Company on the Debt Securities
is not, or within 90 days of the date of such opinion, will not be, deductible
by the Company, in whole or in part, for United States federal income tax
purposes; or (iii) the Trust is, or will be within 90 days of the date of such
opinion, subject to or otherwise required to pay, or required to withhold from
distributions to holders of Trust Securities, more than a de minimis amount of
other taxes (including withholding taxes), duties, assessments or other
governmental charges.

     

    "Trust"
means City Holding Capital Trust III, the Delaware statutory trust, or any other
similar trust created for the purpose of issuing Capital Securities in
connection with the issuance of Debt Securities under this Indenture, of which
the Company is the sponsor.

     

    "Trust
Indenture Act" means the Trust Indenture Act of 1939, as amended from
time-to-time, or any successor legislation.

     

    "Trust
Securities" means Common Securities and Capital Securities of City Holding
Capital Trust III.

     

    "Trustee"
means the Person identified as "Trustee" in the first paragraph hereof, and,
subject to the provisions of Article VI hereof, shall also include its
successors and assigns as Trustee hereunder.

     

    "United
States" means the United States of America and the District of
Columbia.

     

    "U.S.
Person" has the meaning given to United States Person as set forth in Section
7701(a)(30) of the Internal Revenue Code of 1986, as amended.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    ARTICLE
II

     

    

     

    DEBT
SECURITIES

     

    SECTION
2.01.  Authentication and
Dating.

     

    Upon the
execution and delivery of this Indenture, or from time to time thereafter, Debt
Securities in an aggregate principal amount not in excess of $16,495,000 may be
executed and delivered by the Company to the Trustee for authentication, and the
Trustee shall thereupon authenticate and make available for delivery said Debt
Securities to or upon the written order of the Company, signed by its Chairman
of the Board of Directors, Vice Chairman, President or Chief Financial Officer
or one of its Vice Presidents, without any further action by the Company
hereunder. In authenticating such Debt Securities, and accepting the additional
responsibilities under this Indenture in relation to such Debt Securities, the
Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon a copy of any Board Resolution or Board
Resolutions relating thereto and, if applicable, an appropriate record of any
action taken pursuant to such resolution, in each case certified by the
Secretary or an Assistant Secretary or other officers with appropriate delegated
authority of the Company as the case may be.

     

    The
Trustee shall have the right to decline to authenticate and deliver any Debt
Securities under this Section if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken or if a Responsible
Officer of the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability to existing
Securityholders.  The Trustee shall also be entitled to receive an
opinion of counsel to the effect that (1) all conditions precedent to the
execution, delivery and authentication of the Debt Securities have been complied
with; (2) the Debt Securities are not required to be registered under the
Securities Act; and (3) the Indenture is not required to be qualified under the
Trust Indenture Act.

     

    The
definitive Debt Securities shall be typed, printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined
by the officers executing such Debt Securities, as evidenced by their execution
of such Debt Securities.

     

    SECTION
2.02.  Form
of Trustee's Certificate of Authentication.

     

    The
Trustee's certificate of authentication on all Debt Securities shall be in
substantially the following form:

     

    This is
one of the Debt Securities referred to in the within-mentioned
Indenture.

     

    WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as
trustee

     

    
      	 
      	
              By

            	 
      
	 
      	
              Authorized
      Officer

            	 
      

    

    

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    SECTION
2.03.  Form
and Denomination of Debt Securities.

    The Debt
Securities shall be substantially in the form of Exhibit A hereto. The Debt
Securities shall be in registered, certificated form without coupons and in
minimum denominations of $100,000 and any multiple of $1,000 in excess thereof.
The Debt Securities shall be numbered, lettered, or otherwise distinguished in
such manner or in accordance with such plans as the officers executing the same
may determine with the approval of the Trustee as evidenced by the execution and
authentication thereof.

     

    SECTION
2.04.  Execution of Debt
Securities.

     

    The Debt
Securities shall be signed in the name and on behalf of the Company by the
manual or facsimile signature of its Chairman of the Board of Directors, Vice
Chairman, President or Chief Financial Officer or one of its Executive Vice
Presidents, Senior Vice Presidents or Vice Presidents, by facsimile or
otherwise, and which need not be attested. Only such Debt Securities as shall
bear thereon a certificate of authentication substantially in the form herein
before recited, executed by the Trustee or the Authenticating Agent by the
manual signature of an authorized officer, shall be entitled to the benefits of
this Indenture or be valid or obligatory for any purpose. Such certificate by
the Trustee or the Authenticating Agent upon any Debt Security executed by the
Company shall be conclusive evidence that the Debt Security so authenticated has
been duly authenticated and delivered hereunder and that the Securityholder is
entitled to the benefits of this Indenture.

     

    In case
any officer of the Company who shall have signed any of the Debt Securities
shall cease to be such officer before the Debt Securities so signed shall have
been authenticated and delivered by the Trustee or the Authenticating Agent, or
disposed of by the Company, such Debt Securities nevertheless may be
authenticated and delivered or disposed of as though the Person who signed such
Debt Securities had not ceased to be such officer of the Company; and any Debt
Security may be signed on behalf of the Company by such Persons as, at the
actual date of the execution of such Debt Security, shall be the proper officers
of the Company, although at the date of the execution of this Indenture any such
person was not such an officer.

     

    Every
Debt Security shall be dated the date of its authentication.

     

    SECTION
2.05.  Exchange and Registration of
Transfer of Debt Securities.

     

    The
Trustee, in its capacity as "Debt Security Registrar", shall cause to be kept,
at the office or agency maintained for the purpose of registration of transfer
and for exchange as provided in Section 3.02, a register (the "Debt Security
Register") for the Debt Securities issued hereunder in which, subject to such
reasonable regulations as it may prescribe, the Debt Security Registrar shall
provide for the registration and transfer of all Debt Securities as provided in
this Article II. Such register shall be in written form or in any other form
capable of being converted into written form within a reasonable
time.

     

    Debt
Securities to be exchanged may be surrendered at the Principal Office of the
Trustee or at any office or agency to be maintained by the Company for such
purpose as provided in Section 3.02, and the Company shall execute, the Company
or the Trustee shall

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    register
and the Trustee or the Authenticating Agent shall authenticate and make
available for delivery in exchange therefor the Debt Security or Debt Securities
which the Securityholder making the exchange shall be entitled to receive. Upon
due presentment for registration of transfer of any Debt Security at the
Principal Office of the Trustee or at any office or agency of the Company
maintained for such purpose as provided in Section 3.02, the Company shall
execute, the Company or the Trustee shall register and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in the
name of the transferee or transferees a new Debt Security for a like aggregate
principal amount. Registration or registration of transfer of any Debt Security
by the Trustee or by any agent of the Company appointed pursuant to Section
3.02, and delivery of such Debt Security, shall be deemed to complete the
registration or registration of transfer of such Debt Security.

     

    All Debt
Securities presented for registration of transfer or for exchange or payment
shall (if so required by the Company or the Trustee or the Authenticating Agent)
be duly endorsed by, or be accompanied by, a written instrument or instruments
of transfer in form satisfactory to the Company and either the Trustee or the
Authenticating Agent duly executed by, the Securityholder or such
Securityholder's attorney duly authorized in writing.

     

    Neither
the Trustee nor the Debt Security Registrar shall be responsible for
ascertaining whether any transfer hereunder complies with the registration
provisions of or any  exemptions from the Securities Act, applicable
state securities laws or the applicable laws of any other jurisdiction, ERISA,
the Code or the Investment Company Act.

     

    No
service charge shall be made for any exchange or registration of transfer of
Debt Securities, but the Company or the Trustee may require payment of a sum
sufficient to cover any tax, fee or other governmental charge that may be
imposed in connection therewith.

     

    The
Company or the Trustee shall not be required to exchange or register a transfer
of any Debt Security for a period of 15 days immediately preceding the date of
selection of Debt Securities for redemption.

     

    Notwithstanding
the foregoing, Debt Securities may not be transferred except in compliance with
the restricted securities legend set forth below, unless otherwise determined by
the Company in accordance with applicable law, which legend shall be placed on
each Debt Security:

     

    THIS
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 LAWS. NEITHER THIS 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, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER
REASONABLY

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    BELIEVES
IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A THAT PURCHASES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) TO
A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION” PURSUANT TO REGULATION S UNDER
THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT TO AN "ACCREDITED INVESTOR" WITHIN THE
MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF AN "ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF
THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S RIGHT
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO
REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE, A COPY OF WHICH
MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE
HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

     

    THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS
THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS
SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE
EXEMPTION THEREFROM.

     

    THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR
OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (EACH A "PLAN"), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S INVESTMENT
IN THE ENTITY AND NO PERSON INVESTING "PLAN ASSETS" OF ANY PLAN MAY ACQUIRE OR
HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS
ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR
PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO
SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY
INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF
SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE
BENEFIT

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    PLAN OR
PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT
PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN
A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION.

     

    IN
CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE
COMPANY AND THE TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE
REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.

     

    THIS
SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY
ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A PRINCIPAL AMOUNT OF LESS
THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY
SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY
FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON
THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN THIS SECURITY.

     

    THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY
AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION (THE "FDIC"). THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF
DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS
INELIGIBLE AS COLLATERAL FOR A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES
AND IS NOT SECURED.

     

    SECTION
2.06.  Mutilated, Destroyed, Lost
or Stolen Debt Securities.

     

    In case
any Debt Security shall become mutilated or be destroyed, lost or stolen, the
Company shall execute, and upon its written request the Trustee shall
authenticate and deliver, a new Debt Security bearing a number not
contemporaneously outstanding, in exchange and substitution for the mutilated
Debt Security, or in lieu of and in substitution for the Debt Security so
destroyed, lost or stolen. In every case the applicant for a substituted Debt
Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Company and
the Trustee evidence to their satisfaction of the destruction, loss or theft of
such Debt Security and of the ownership thereof.

     

    The
Trustee may authenticate any such substituted Debt Security and deliver the same
upon the written request or authorization of any officer of the Company. Upon
the issuance of any substituted Debt Security, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    other
expenses connected therewith. In case any Debt Security which has matured or is
about to mature or has been called for redemption in full shall become mutilated
or be destroyed, lost or stolen, the Company may, instead of issuing a
substitute Debt Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debt Security) if the
applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as may be required by them to save each of them harmless
and, in case of destruction, loss or theft, evidence satisfactory to the Company
and to the Trustee of the destruction, loss or theft of such Security and of the
ownership thereof.

     

    Every
substituted Debt Security issued pursuant to the provisions of this Section 2.06
by virtue of the fact that any such Debt Security is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Company, whether or
not the destroyed, lost or stolen Debt Security shall be found at any time, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debt Securities duly issued hereunder.
All Debt Securities shall be held and owned upon the express condition that, to
the extent permitted by applicable law, the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Debt Securities and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other
securities without their surrender.

     

    SECTION
2.07.  Temporary Debt
Securities.

     

    Pending
the preparation of definitive Debt Securities, the Company may execute and the
Trustee shall authenticate and make available for delivery temporary Debt
Securities that are typed, printed or lithographed. Temporary Debt Securities
shall be issuable in any authorized denomination, and substantially in the form
of the definitive Debt Securities but with such omissions, insertions and
variations as may be appropriate for temporary Debt Securities, all as may be
determined by the Company. Every such temporary Debt Security shall be executed
by the Company and be authenticated by the Trustee upon the same conditions and
in substantially the same manner, and with the same effect, as the definitive
Debt Securities. Without unreasonable delay, the Company will execute and
deliver to the Trustee or the Authenticating Agent definitive Debt Securities
and thereupon any or all temporary Debt Securities may be surrendered in
exchange therefor, at the Principal Office of the Trustee or at any office or
agency maintained by the Company for such purpose as provided in Section 3.02,
and the Trustee or the Authenticating Agent shall authenticate and make
available for delivery in exchange for such temporary Debt Securities a like
aggregate principal amount of such definitive Debt Securities. Such exchange
shall be made by the Company at its own expense and without any charge therefor
except that in case of any such exchange involving a registration of transfer
the Company may require payment of a sum sufficient to cover any tax, fee or
other governmental charge that may be imposed in relation thereto. Until so
exchanged, the temporary Debt Securities shall in all respects be entitled to
the same benefits under this Indenture as definitive Debt Securities
authenticated and delivered hereunder.

     

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    SECTION
2.08.  Payment of
Interest.

     

    Each Debt
Security will bear interest at the then applicable Interest Rate from and
including each Interest Payment Date or, in the case of the first Interest
Payment Period, the original date of issuance of such Debt Security to, but
excluding, the next succeeding Interest Payment Date or, in the case of the last
Interest Payment Period, the Redemption Date, Special Redemption Date or
Maturity Date, as applicable, on the principal thereof, on any overdue principal
and (to the extent that payment of such interest is enforceable under applicable
law) on Deferred Interest and on any overdue installment of interest (including
Defaulted Interest), payable (subject to the provisions of Article XV) on each
Interest Payment Date commencing on June 15, 2008.  Interest and any
Deferred Interest on any Debt Security that is payable, and is punctually paid
or duly provided for by the Company, on any Interest Payment Date shall be paid
to the Person in whose name said Debt Security (or one or more Predecessor
Securities) is registered at the close of business on the regular record date
for such interest installment, except that interest and any Deferred Interest
payable on the Maturity Date, the Redemption Date (to the extent redeemed) or
the Special Redemption Date, shall be paid to the Person to whom principal is
paid. In (i) case the Maturity Date of any Debt Security or (ii) the event that
any Debt Security or portion thereof is called for redemption and the redemption
date is subsequent to a regular record date with respect to any Interest Payment
Date and either on or prior to such Interest Payment Date, interest on such Debt
Security will be paid upon presentation and surrender of such Debt
Security.

     

    Any
interest on any Debt Security, other than Deferred Interest, that is payable,
but is not punctually paid or duly provided for by the Company, on any Interest
Payment Date (herein called "Defaulted Interest") shall forthwith cease to be
payable to the registered Securityholder on the relevant regular record date by
virtue of having been such Securityholder, and such Defaulted Interest shall be
paid by the Company to the Persons in whose names such Debt Securities (or their
respective Predecessor Securities) are registered at the close of business on a
special record date for the payment of such Defaulted Interest, which shall be
fixed in the following manner: the Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each such Debt
Security and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements reasonably satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided. Thereupon the Trustee shall fix a special record date for the
payment of such Defaulted Interest which shall not be more than fifteen nor less
than ten days prior to the date of the proposed payment and not less than ten
days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such special record date and, in
the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the special record date therefor to be
mailed, first class postage prepaid, to each Securityholder at his or her
address as it appears in the Debt Security Register, not less than ten days
prior to such special record date. Notice of the proposed payment of such
Defaulted Interest and the special record date therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
such Debt Securities (or their respective Predecessor Securities)
are

     

    
      
         

      

      
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    registered
on such special record date and thereafter the Company shall have no further
payment obligation in respect of the Defaulted Interest.

     

    Any
interest scheduled to become payable on an Interest Payment Date occurring
during an Extension Period shall not be Defaulted Interest and shall be payable
on such other date as may be specified in the terms of such Debt
Securities.

     

    The term
"regular record date" as used in this Section shall mean the fifteenth day prior
to the applicable Interest Payment Date, whether or not such date is a Business
Day.

     

    Subject
to the foregoing provisions of this Section, each Debt Security delivered under
this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Debt Security shall carry the rights to interest accrued and unpaid,
and to accrue, that were carried by such other Debt Security.

     

    SECTION
2.09.  Cancellation of Debt
Securities Paid, etc.

     

    All Debt
Securities surrendered for the purpose of payment, redemption, exchange or
registration of transfer, shall, if surrendered to the Company or any Paying
Agent, be surrendered to the Trustee and promptly canceled by it, or, if
surrendered to the Trustee, shall be promptly canceled by it, and no Debt
Securities shall be issued in lieu thereof except as expressly permitted by any
of the provisions of this Indenture. The Trustee shall dispose of all canceled
Debt Securities in accordance with its customary practices unless the Company
otherwise directs the Trustee in writing, in which case the Trustee shall
dispose of such Debt Securities as directed by the Company. If the Company shall
acquire any of the Debt Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Debt
Securities unless and until the same are surrendered to the Trustee for
cancellation.

     

    SECTION
2.10.  Computation of
Interest.

     

    (a)           The
amount of interest payable for any Interest Payment Period will be computed on
the basis of a 360-day year and the actual number of days elapsed in the
relevant interest period; provided, however, that upon
the occurrence of a Special Event Redemption pursuant to Section 10.02 the
amounts payable pursuant to this Indenture shall be calculated as set forth in
the definition of Special Redemption Price.

     

    (b)           LIBOR,
for any Interest Payment Period, shall be determined by the Calculation Agent in
accordance with the following provisions:

     

    (1)           On
the second LIBOR Business Day (provided, that on such day commercial banks are
open for business (including dealings in foreign currency deposits) in London (a
"LIBOR Banking Day"), and otherwise the next preceding LIBOR Business Day that
is also a LIBOR Banking Day) prior to the March 15, June 15, September 15 and
December 15 commencement date of each such Interest Payment Period (or, with
respect to the first Interest Payment Period, on March 25, 2008) (each such day,
a "LIBOR Determination Date" for such Interest Payment Period), the Calculation
Agent shall obtain the rate for three-month U.S.

     

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    Dollar
deposits in Europe, which appears on Reuters Screen LIBOR 01 Page (as defined in
the International Swaps and Derivatives Association, Inc. 2000 Interest Rate and
Currency Exchange Definitions) or such other page as may replace such page, as
of 11:00 a.m. (London time) on such LIBOR Determination Date, as reported by
Bloomberg Financial Markets Commodities News or any successor service (“Reuters
Screen”), and the rate so obtained shall be LIBOR for such Interest Payment
Period.  "LIBOR Business Day" means any day that is not a Saturday,
Sunday or other day on which commercial banking institutions in The City of New
York or Wilmington, Delaware are authorized or obligated by law or executive
order to be closed. If such rate is superseded on Reuters Screen by a corrected
rate before 12:00 noon (London time) on the same LIBOR Determination Date, the
corrected rate as so substituted will be LIBOR for that Interest Payment
Period.

     

    (2)           If,
on any LIBOR Determination Date, such rate does not appear on Reuters Screen,
the Calculation Agent shall determine the arithmetic mean of the offered
quotations of the Reference Banks (as defined below) to leading banks in the
London Interbank market for three-month U.S. Dollar deposits in Europe (in an
amount determined by the Calculation Agent) by reference to requests for
quotations as of approximately 11:00 a.m. (London time) on the LIBOR
Determination Date made by the Calculation Agent to the Reference Banks. If, on
any LIBOR Determination Date, at least two of the Reference Banks provide such
quotations, LIBOR shall equal the arithmetic mean of such quotations. If, on any
LIBOR Determination Date, only one or none of the Reference Banks provide such a
quotation, LIBOR shall be deemed to be the arithmetic mean of the offered
quotations that at least two leading banks in the City of New York (as selected
by the Calculation Agent) are quoting on the relevant LIBOR Determination Date
for three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m.
(London time) (in an amount determined by the Calculation Agent). As used
herein, "Reference Banks" means four major banks in the London Interbank market
selected by the Calculation Agent.

     

    (3)           If
the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR for the
applicable Interest Payment Period shall be LIBOR in effect for the immediately
preceding Interest Payment Period.

     

    (c)           All
percentages resulting from any calculations on the Debt Securities will be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point rounded upward (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)), and all
dollar amounts used in or resulting from such calculation will be rounded to the
nearest cent (with one-half cent being rounded upward).

     

    (d)           As
soon as practicable following each LIBOR Determination Date, but in no event
later than the 30th day following such LIBOR Determination Date, the Calculation
Agent shall notify, in writing, the Company and the Paying Agent of the
applicable Interest Rate in effect for the related Interest Payment Period. The
Calculation Agent shall, upon the request of any Securityholder, provide the
Interest Rate then in effect. All calculations made by the Calculation Agent in
the absence of manifest error shall be conclusive for all purposes
and

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    binding
on the Company and the Securityholder.  Any error in a calculation of
the Interest Rate by the Calculation Agent may be corrected at any time by the
delivery of notice of such corrected Interest Rate as provided above. The Paying
Agent shall be entitled to rely on information received from the Calculation
Agent or the Company as to the Interest Rate. The Company shall, from time to
time, provide any necessary information to the Paying Agent relating to any
original issue discount and interest on the Debt Securities that is included in
any payment and reportable for taxable income calculation purposes.

     

    SECTION
2.11.  Extension of Interest
Payment Period.

     

    So long
as no Event of Default leading to an acceleration event pursuant to paragraphs
(c), (e), (f) or (g) of Section 5.01 of the Indenture has occurred and is
continuing, the Company shall have the right under the Indenture, from time to
time and without causing an Event of Default, to defer payments of interest on
the Debt Securities by extending the interest distribution period on the Debt
Securities at any time and from time to time during the term of the Debt
Securities, for up to twenty consecutive quarterly periods (each such extended
interest distribution period, an "Extension Period"), during which Extension
Period no interest shall be due and payable (except any Additional Interest that
may be due and payable). No Extension Period may end on a date other than an
Interest Payment Date or extend beyond the Maturity Date, any Redemption Date
(to the extent redeemed) or any Special Redemption Date. During any Extension
Period, interest will continue to accrue on the Debt Securities, and interest on
such accrued interest (such accrued interest and interest thereon referred to
herein as "Deferred Interest") will accrue at an annual rate equal to the
Interest Rate applicable during such Extension Period, compounded quarterly from
the date such Deferred Interest would have been payable were it not for the
Extension Period, to the extent permitted by law. No interest or Deferred
Interest shall be due and payable during an Extension Period, except at the end
thereof. At the end of any such Extension Period the Company shall pay all
Deferred Interest then accrued and unpaid on the Debt Securities; provided, however, that no
Extension Period may extend beyond the Maturity Date, Redemption Date (to the
extent redeemed) or Special Redemption Date; and provided further, however, that during
any such Extension Period, the Company shall be subject to the restrictions set
forth in Section 3.08 of this Indenture. Prior to the termination of any
Extension Period, the Company may further extend such period, provided, that such
period together with all such previous and further consecutive extensions
thereof shall not exceed twenty consecutive quarterly periods, or extend beyond
the Maturity Date, Redemption Date (to the extent redeemed) or Special
Redemption Date. Upon the termination of any Extension Period and upon the
payment of all Deferred Interest, the Company may commence a new Extension
Period, subject to the foregoing requirements. The Company must give the Trustee
notice of its election to begin such Extension Period ("Notice") not later than
the related regular record date for the relevant Interest Payment Date. The
Notice shall describe, in reasonable detail, why the Company has elected to
begin an Extension Period.  The Notice shall acknowledge and affirm
the Company's understanding that it is prohibited from issuing dividends and
other distributions during the Extension Period.  Upon receipt of the
Notice, an Initial Purchaser shall have the right, at its sole discretion, to
disclose the name of the Company, the fact that the Company has elected to begin
an Extension Period and other information that such Initial Purchaser, at its
sole discretion, deems relevant to the Company's election to begin an Extension
Period.  The Trustee shall give notice of the Company's election to
begin a new Extension Period to the Securityholders.

     

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

    SECTION
2.12.  CUSIP
Numbers.

     

    The
Company in issuing the Debt Securities may use a "CUSIP" number (if then
generally in use), and, if so, the Trustee shall use a "CUSIP" number in notices
of redemption as a convenience to Securityholders; provided, that any
such notice may state that no representation is made as to the correctness of
such number either as printed on the Debt 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 Debt Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers. The Company
will promptly notify the Trustee in writing of any change in the CUSIP
number.

     

    SECTION
2.13.  Global
Debentures.

     

    (a)           Upon
the election of a holder of Outstanding Debt Securities, which election need not
be in writing, the Debt Securities owned by such holder shall be issued in the
form of one or more Global Debentures registered in the name of the Depositary
or its nominee.  Each Global Debenture issued under this Indenture
shall be registered in the name of the Depositary designated by the Company for
such Global Debenture or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Debenture shall
constitute a single Debt Security for all purposes of this
Indenture.

     

    (b)           Notwithstanding
any other provision in this Indenture, no Global Debenture may be exchanged in
whole or in part for Debt Securities registered, and no transfer of a Global
Debenture in whole or in part may be registered, in the name of any Person other
than the Depositary for such Global Debenture or a nominee thereof unless (i)
such Depositary advises the Trustee and the Company in writing that such
Depositary is no longer willing or able to properly discharge its
responsibilities as Depositary with respect to such Global Debenture, and no
qualified successor is appointed by the Company within ninety (90) days of
receipt by the Company of such notice, (ii) such Depositary ceases to be a
clearing agency registered under the Exchange Act and no successor is appointed
by the Company within ninety (90) days after obtaining knowledge of such event,
(iii) the Company executes and delivers to the Trustee a company order stating
that the Company elects to terminate the book-entry system through the
Depositary or (iv) an Event of Default shall have occurred and be
continuing.  Upon the occurrence of any event specified in clause (i),
(ii), (iii) or (iv) above, the Trustee shall notify the Depositary and instruct
the Depositary to notify all owners of beneficial interests in such Global
Debenture of the occurrence of such event and of the availability of Debt
Securities to such owners of beneficial interests requesting the
same.  Upon the issuance of such Debt Securities and the registration
in the Debt Security Register of such Debt Securities in the names of the
holders of the beneficial interests therein, the Trustee shall recognize such
holders of beneficial interests as holders thereof.

     

    (c)           If
any Global Debenture is to be exchanged for other Debt Securities or canceled in
part, or if another Debt Security is to be exchanged in whole or in part for a
beneficial interest in any Global Debenture, then either (i) such Global
Debenture shall be so surrendered for exchange or cancellation as provided in
this Article II
or (ii) the principal amount thereof shall be reduced or increased by an amount
equal to the portion thereof to be so exchanged or canceled, or equal to the
principal amount of such other Debt Security to be so

     

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    exchanged
for a beneficial interest therein, as the case may be, by means of an
appropriate adjustment made on the records of the Debt Security Registrar,
whereupon the Trustee, in accordance with the applicable depository procedures,
shall instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records.  Upon any such surrender or
adjustment of a Global Debenture by the Depositary, accompanied by registration
instructions, the Company shall execute and the Trustee shall, upon receipt of a
Company order, authenticate and deliver any Debt Securities issuable in exchange
for such Global Debenture (or any portion thereof) in accordance with the
instructions of the Depositary.  The Trustee shall not be liable for
any delay in delivery of such instructions and may conclusively rely on, and
shall be fully protected in relying on, such instructions.

     

    (d)           Every
Debt Security authenticated and delivered upon registration of transfer of, or
in exchange for or in lieu of, a Global Debenture or any portion thereof shall
be authenticated and delivered in the form of, and shall be, a Global Debenture,
unless such Debt Security is registered in the name of a Person other than the
Depositary for such Global Debenture or a nominee thereof.

     

    (e)           Debt
Securities distributed to holders of Book-Entry Capital Securities (as defined
in the Trust Agreement) upon the dissolution of the Trust shall be distributed
in the form of one or more Global Debentures registered in the name of a
Depositary or its nominee, and deposited with the Debt Security Registrar, as
custodian for such Depositary, or with such Depositary, for credit by the
Depositary to the respective accounts of the beneficial owners of the Debt
Securities represented thereby (or such other accounts as they may
direct).  Debt Securities distributed to holders of Capital Securities
other than Book-Entry Capital Securities upon the dissolution of the Trust shall
not be issued in the form of a Global Debenture or any other form intended to
facilitate book-entry trading in beneficial interests in such Debt
Securities.

     

    (f)           The
Depositary or its nominee, as the registered owner of a Global Debenture, shall
be the holder of such Global Debenture for all purposes under this Indenture and
the Debt Securities, and owners of beneficial interests in a Global Debenture
shall hold such interests pursuant to the Applicable Depository
Procedures.  Accordingly, any such owner's beneficial interest in a
Global Debenture shall be shown only on, and the transfer of such interest shall
be effected only through, records maintained by the Depositary or its nominee or
its Depositary Participants.  The Debt Security Registrar and the
Trustee shall be entitled to deal with the Depositary for all purposes of this
Indenture relating to a Global Debenture (including the payment of principal and
interest thereon and the giving of instructions or directions by owners of
beneficial interests therein and the giving of notices) as the sole holder of
the Debt Security and shall have no obligations to the owners of beneficial
interests therein.  Neither the Trustee nor the Debt Security
Registrar shall have any liability in respect of any transfers affected by the
Depositary.

     

    (g)           The
rights of owners of beneficial interests in a Global Debenture shall be
exercised only through the Depositary and shall be limited to those established
by law and agreements between such owners and the Depositary and/or its
Depositary Participants.

     

    (h)           No
holder of any beneficial interest in any Global Debenture held on its behalf by
a Depositary shall have any rights under this Indenture with respect to such
Global

     

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    Debenture,
and such Depositary may be treated by the Company, the Trustee and any agent of
the Company or the Trustee as the owner of such Global Debenture for all
purposes whatsoever.  None of the Company, the Trustee nor any agent
of the Company or the Trustee will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Debenture or maintaining, supervising or
reviewing any records relating to such beneficial ownership
interests.  Notwithstanding the foregoing, nothing herein shall
prevent the Company, the Trustee or any agent of the Company or the Trustee from
giving effect to any written certification, proxy or other authorization
furnished by a Depositary or impair, as between a Depositary and such holders of
beneficial interests, the operation of customary practices governing the
exercise of the rights of the Depositary (or its nominee) as holder of any Debt
Security.

     

    SECTION
2.14.  Income Tax
Certification.

     

    As a
condition to the payment of any principal of or interest on the Debt Securities
without the imposition of withholding tax, the Trustee shall
require  the previous delivery of properly completed and signed
applicable U.S. federal income tax certifications (generally, an Internal
Revenue Service Form W-9 (or applicable successor form) in the case of a person
that is a "United States person" within the meaning of Section 7701(a)(30) of
the Code or an Internal Revenue Service Form W-8 (or applicable successor form)
in the case of a person that is not a "United States person" within the meaning
of Section 7701(a)(30) of the Code, and any other certification acceptable to it
to enable the Trustee or any Paying Agent to determine their respective duties
and liabilities with respect to any taxes or other charges that they may be
required to pay, deduct or withhold in respect of such Debt
Securities.

     

    ARTICLE
III

     

    

     

    PARTICULAR
COVENANTS OF THE COMPANY

     

    SECTION
3.01.  Payment of Principal,
Premium and Interest; Agreed Treatment of the Debt
Securities.

     

    (a)           The
Company covenants and agrees that it will duly and punctually pay or cause to be
paid all payments due on the Debt Securities at the place, at the respective
times and in the manner provided in this Indenture and the Debt Securities. At
the option of the Company, each installment of interest on the Debt Securities
may be paid (i) by mailing checks for such interest payable to the order of the
Securityholders entitled thereto as they appear on the Debt Security Register or
(ii) by wire transfer to any account with a banking institution located in the
United States designated by such Person to the Paying Agent no later than the
related record date.

     

    (b)           The
Company will treat the Debt Securities as indebtedness, and the interest payable
in respect of such Debt Securities as interest, for all U.S. federal income tax
purposes. All payments in respect of such Debt Securities will be made free and
clear of U.S. withholding tax to any beneficial owner thereof that has provided
an Internal Revenue Service Form W-8 BEN (or any substitute or successor form)
establishing its non-U.S. status for U.S. federal income tax
purposes.

     

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

    As of the
date of this Indenture, the Company represents that it has no intention to
exercise its right under Section 2.11 to defer payments of interest on the Debt
Securities by commencing an Extension Period.

     

    (c)           As
of the date of this Indenture, the Company represents that the likelihood that
it would exercise its right under Section 2.11 to defer payments of interest on
the Debt Securities by commencing an Extension Period at any time during which
the Debt Securities are outstanding is remote because of the restrictions that
would be imposed on the Company's ability to declare or pay dividends or
distributions on, or to redeem, purchase or make a liquidation payment with
respect to, any of its outstanding equity and on the Company's ability to make
any payments of principal of or interest on, or repurchase or redeem, any of its
debt securities that rank pari
passu in all respects with (or junior in interest to) the Debt
Securities.

     

    SECTION
3.02.  Offices for Notices and
Payments, etc.

     

    So long
as any of the Debt Securities remain outstanding, the Company will maintain in
Wilmington, Delaware an office or agency where the Debt Securities may be
presented for payment, an office or agency where the Debt Securities may be
presented for registration of transfer and for exchange as provided in this
Indenture and an office or agency where notices and demands to or upon the
Company in respect of the Debt Securities or of this Indenture may be served.
The Company will give to the Trustee written notice of the location of any such
office or agency and of any change of location thereof. Until otherwise
designated from time to time by the Company in a notice to the Trustee, or
specified as contemplated by Section 2.05, such office or agency for all of the
above purposes shall be the Principal Office of the Trustee. In case the Company
shall fail to maintain any such office or agency in Wilmington, Delaware or
shall fail to give such notice of the location or of any change in the location
thereof, presentations and demands may be made and notices may be served at the
Principal Office of the Trustee.

     

    In
addition to any such office or agency, the Company may from time to time
designate one or more offices or agencies outside Wilmington, Delaware or where
the Debt Securities may be presented for registration of transfer and for
exchange in the manner provided in this Indenture, and the Company may from time
to time rescind such designation, as the Company may deem desirable or
expedient; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in Wilmington, Delaware for the
purposes above mentioned. The Company will give to the Trustee prompt written
notice of any such designation or rescission thereof.

     

    SECTION
3.03.  Appointments to Fill
Vacancies in Trustee's Office.

     

    The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section 6.09, a Trustee, so that there
shall at all times be a Trustee hereunder.

     

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

    SECTION
3.04.  Provision as to Paying
Agent.

     

    (a)           If
the Company shall appoint a Paying Agent other than the Trustee, it will cause
such Paying Agent to execute and deliver to the Trustee an instrument in which
such agent shall agree with the Trustee, subject to the provision of this
Section 3.04:

     

    (1)           that
it will hold all sums held by it as such agent for the payment of all payments
due on the Debt Securities (whether such sums have been paid to it by the
Company or by any other obligor on the Debt Securities) in trust for the benefit
of the Securityholders;

     

    (2)           that
it will give the Trustee prompt written notice of any failure by the Company (or
by any other obligor on the Debt Securities) to make any payment on the Debt
Securities when the same shall be due and payable; and

     

    (3)           that
it will, at any time during the continuance of any Event of Default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such Paying Agent.

     

    (b)           If
the Company shall act as its own Paying Agent, it will, on or before each due
date of the payments due on the Debt Securities, set aside, segregate and hold
in trust for the benefit of the Securityholders a sum sufficient to pay such
payments so becoming due and will notify the Trustee in writing of any failure
to take such action and of any failure by the Company (or by any other obligor
under the Debt Securities) to make any payment on the Debt Securities when the
same shall become due and payable.

     

    Whenever
the Company shall have one or more Paying Agents for the Debt Securities, it
will, on or prior to each due date of the payments on the Debt Securities,
deposit with a Paying Agent a sum sufficient to pay all payments so becoming
due, such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless such Paying Agent is the Trustee) the Company shall promptly
notify the Trustee in writing of its action or failure to act.

     

    (c)           Anything
in this Section 3.04 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to
the Debt Securities, or for any other reason, pay, or direct any Paying Agent to
pay to the Trustee all sums held in trust by the Company or any such Paying
Agent, such sums to be held by the Trustee upon the same terms and conditions
herein contained.

     

    (d)           Anything
in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 3.04 is subject to Sections 12.03 and
12.04.

     

    (e)           The
Company hereby initially appoints the Trustee to act as Paying Agent (the
"Paying Agent").

     

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

    SECTION
3.05.  Certificate to
Trustee.

     

    The
Company will deliver to the Trustee on or before 120 days after the end of each
fiscal year, so long as Debt Securities are outstanding hereunder, a Certificate
stating that in the course of the performance by the signers of their duties as
officers of the Company they would normally have knowledge of any default by the
Company in the performance of any covenants of the Company contained herein,
stating whether or not they have knowledge of any such default and, if so,
specifying each such default of which the signers have knowledge and the nature
thereof.

     

    SECTION
3.06.  Additional
Interest.

     

    If and
for so long as the Trust is the holder of all Debt Securities and is subject to
or otherwise required to pay, or is required to withhold from distributions to
holders of Trust Securities, any additional taxes (including withholding taxes),
duties, assessments or other governmental charges as a result of a Tax Event,
the Company will pay such additional amounts (the "Additional Interest") on the
Debt Securities as shall be required so that the net amounts received and
retained by the Trust for distribution to holders of Trust Securities after
paying all taxes (including withholding taxes on distributions to holders of
Trust Securities), duties, assessments or other governmental charges will be
equal to the amounts the Trust would have received and retained for distribution
to holders of Trust Securities after paying all taxes (including withholding
taxes on distributions to holders of Trust Securities), duties, assessments or
other governmental charges if no such additional taxes, duties, assessments or
other governmental charges had been imposed. Whenever in this Indenture or the
Debt Securities there is a reference in any context to the payment of principal
of or premium, if any, or interest on the Debt Securities, such mention shall be
deemed to include mention of payments of the Additional Interest provided for in
this paragraph to the extent that, in such context, Additional Interest is, was
or would be payable in respect thereof pursuant to the provisions of this
paragraph and express mention of the payment of Additional Interest (if
applicable) in any provisions hereof shall not be construed as excluding
Additional Interest in those provisions hereof where such express mention is not
made, provided,
however, that,
notwithstanding anything to the contrary contained in this Indenture or any Debt
Security, the deferral of the payment of interest during an Extension Period
pursuant to Section 2.11 shall not defer the payment of any Additional Interest
that may be due and payable.

     

    SECTION
3.07.  Compliance with
Consolidation Provisions.

     

    The
Company will not, while any of the Debt Securities remain outstanding,
consolidate with, or merge into any other Person, or merge into itself, or sell,
convey, transfer or otherwise dispose of all or substantially all of its
property or capital stock to any other Person unless the provisions of Article
XI hereof are complied with.

     

    SECTION
3.08.  Limitation on
Dividends.

     

    If Debt
Securities are initially issued to the Trust or a trustee of such Trust in
connection with the issuance of Trust Securities by the Trust (regardless of
whether Debt Securities continue to be held by such Trust) and (i) there shall
have occurred and be continuing

     

    
      
         

      

      
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    an Event
of Default, (ii) the Company shall be in default with respect to its payment of
any obligations under the Capital Securities Guarantee or (iii) the Company
shall have given notice of its election to defer payments of interest on the
Debt Securities by extending the interest distribution period as provided herein
and such period, or any extension thereof, shall have commenced and be
continuing, then the Company may not (A) declare or pay any dividends or
distributions on, or redeem, purchase, acquire, or make a liquidation payment
with respect to, any of the Company's capital stock or (B) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company that rank pari passu in all respects
with or junior in interest to the Debt Securities or (C) make any payment under
any guarantees of the Company that rank pari passu in all respects
with or junior in interest to the Capital Securities Guarantee (other than (a)
repurchases, redemptions or other acquisitions of shares of capital stock of the
Company (I) in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of one or more employees, officers,
directors or consultants, (II) in connection with a dividend reinvestment or
stockholder stock purchase plan or (III) in connection with the issuance of
capital stock of the Company (or securities convertible into or exercisable for
such capital stock), as consideration in an acquisition transaction entered into
prior to the occurrence of (i), (ii) or (iii) above, (b) as a result of any
exchange, reclassification, combination or conversion of any class or series of
the Company's capital stock (or any capital stock of a subsidiary of the
Company) for any class or series of the Company's capital stock or of any class
or series of the Company's indebtedness for any class or series of the Company's
capital stock, (c) the purchase of fractional interests in shares of the
Company's capital stock pursuant to the conversion or exchange provisions of
such capital stock or the security being converted or exchanged, (d) any
declaration of a dividend in connection with any stockholder's rights plan, or
the issuance of rights, stock or other property under any stockholder's rights
plan, or the redemption or repurchase of rights pursuant thereto, or (e) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with
or junior to such stock).

     

    SECTION
3.09.  Covenants as to the
Trust.

     

    For so
long as such Trust Securities remain outstanding, the Company shall maintain
100% ownership of the Common Securities; provided, however, that any
permitted successor of the Company under this Indenture that is a U.S. Person
may succeed to the Company’s ownership of such Common Securities. The Company,
as owner of the Common Securities, shall use commercially reasonable efforts to
cause the Trust (a) to remain a statutory trust, except in connection with a
distribution of Debt Securities to the holders of Trust Securities in
liquidation of the Trust, the redemption of all of the Trust Securities or
certain mergers, consolidations or amalgamations, each as permitted by the
Declaration, (b) to otherwise continue to be classified as a grantor trust for
United States federal income tax purposes and (c) to cause each holder of Trust
Securities to be treated as owning an undivided beneficial interest in the Debt
Securities.

     

    
      
         

      

      
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    ARTICLE
IV

     

    LISTS AND
REPORTS BY THE COMPANY AND THE TRUSTEE

     

    SECTION
4.01.  Securityholders'
Lists.

     

    The
Company covenants and agrees that it will furnish or cause to be furnished to
the Trustee:

     

    (a)           on
each regular record date for an Interest Payment Date, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the
Securityholders of the Debt Securities as of such record date; and

     

    (b)           at
such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is
furnished;

     

    except
that no such lists need be furnished under this Section 4.01 so long as the
Trustee is in possession thereof by reason of its acting as Debt Security
Registrar.

     

    SECTION
4.02.  Preservation and Disclosure
of Lists.

     

    (a)           The
Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Securityholders (1) contained
in the most recent list furnished to it as provided in Section 4.01 or (2)
received by it in the capacity of Debt Security Registrar (if so acting)
hereunder. The Trustee may destroy any list furnished to it as provided in
Section 4.01 upon receipt of a new list so furnished.

     

    (b)           In
case three or more holders of Debt Securities (hereinafter referred to as
"applicants") apply in writing to the Trustee and furnish to the Trustee
reasonable proof that each such applicant has owned a Debt Security for a period
of at least six months preceding the date of such application, and such
application states that the applicants desire to communicate with other
Securityholders with respect to their rights under this Indenture or under such
Debt Securities and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee shall
within five Business Days after the receipt of such application, at its election
either:

     

    (1)           afford
such applicants access to the information preserved at the time by the Trustee
in accordance with the provisions of subsection (a) of this Section 4.02,
or

     

    (2)           inform
such applicants as to the approximate number of Securityholders whose names and
addresses appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02, and as to
the approximate cost of mailing to such Securityholders the form of proxy or
other communication, if any, specified in such application.

     

    
      
         

      

      
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    If the
Trustee shall elect not to afford such applicants access to such information,
the Trustee shall, upon the written request of such applicants, mail to each
Securityholder of Debt Securities whose name and address appear in the
information preserved at the time by the Trustee in accordance with the
provisions of subsection (a) of this Section 4.02 a copy of the form of proxy or
other communication which is specified in such request with reasonable
promptness after a tender to the Trustee of the material to be mailed and of
payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender, the Trustee shall mail to such
applicants and file with the Securities and Exchange Commission, if permitted or
required by applicable law, together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of the Trustee, such
mailing would be contrary to the best interests of the holders of all Debt
Securities, as the case may be, or would be in violation of applicable law. Such
written statement shall specify the basis of such opinion. If said Commission,
as permitted or required by applicable law, after opportunity for a hearing upon
the objections specified in the written statement so filed, shall enter an order
refusing to sustain any of such objections or if, after the entry of an order
sustaining one or more of such objections, said Commission shall find, after
notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall mail copies of
such material to all such Securityholders with reasonable promptness after the
entry of such order and the renewal of such tender; otherwise the Trustee shall
be relieved of any obligation or duty to such applicants respecting their
application.

     

    (c)           Each
and every Securityholder, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any Paying
Agent shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Securityholders in accordance
with the provisions of subsection (b) of this Section 4.02, regardless of the
source from which such information was derived, and that the Trustee shall not
be held accountable by reason of mailing any material pursuant to a request made
under said subsection (b).

     

    SECTION
4.03.  Financial and Other
Information.

     

    The Company shall deliver to each
Securityholder (1) each Report on Form 10-K and Form 10-Q prepared by the
Company and filed with the Securities and Exchange Commission in accordance with
the Exchange Act within 7 days after the filing thereof, (2) if the Company is
not then (y) subject to Section 13 or 15(d) of the Exchange Act or (z) exempt
from reporting pursuant to Rule 12g3-2(b) thereunder, the Company shall be
required to provide within 45 days of the end of each calendar quarterly period
and 90 days after the end of each calendar year, the information required to be
provided by Rule 144A(d)(4) under the Securities Act and (3) within 30 days
after the end of the fiscal year of the Company, Form 1099 or such other annual
U.S. federal income tax information statement required by the Code containing
such information with regard to the Debt Securities held by such Securityholder
as is required by the Code and the income tax regulations of the U.S. Treasury
thereunder.

    

    The Company will cause copies of its
regulatory reports to be delivered to the Holder promptly following their filing
with the Federal Reserve.

     

    
      
         

      

      
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    ARTICLE
V

     

    REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS UPON AN EVENT OF DEFAULT

     

    SECTION
5.01.  Events of
Default.

     

    The
following events shall be "Events of Default" with respect to Debt
Securities:

     

    (a)           the
Company defaults in the payment of any interest upon any Debt Security when it
becomes due and payable (unless the Company has elected and may defer interest
payments pursuant to Section 2.11), and continuance of such default for a period
of 30 days; for the avoidance of doubt, an extension of any interest
distribution period by the Company in accordance with Section 2.11 of this
Indenture shall not constitute a default under this clause 5.01(a);
or

     

    (b)           the
Company defaults in the payment of all or any part of the principal of (or
premium, if any, on) any Debt Securities as and when the same shall become due
and payable either at maturity, upon redemption, by declaration of acceleration
pursuant to Section 5.01 of this Indenture or otherwise; or

     

    (c)           the
Company defaults in the payment of any interest upon any Debt Security when it
becomes due and payable following the nonpayment of any such interest for 20 or
more consecutive quarterly periods; or

     

    (d)           the
Company defaults in the performance of, or breaches, any of its covenants or
agreements in Sections 3.06, 3.07, 3.08 or 3.09 of this Indenture and
continuance of such default or breach for a period of 30 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the holders of not less than 25% in aggregate
principal amount of the outstanding Debt Securities, a written notice specifying
such default or breach and requiring it to be remedied and stating that such
notice is a "Notice of Default" hereunder; or

     

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

     

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

     

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

    the Trust
shall have voluntarily or involuntarily liquidated, dissolved, wound-up its
business or otherwise terminated its existence except in connection with (1) the
distribution of the Debt Securities to holders of the Trust Securities in
liquidation of their interests in the Trust, (2) the redemption of all of the
outstanding Trust Securities or (3) certain mergers, consolidations or
amalgamations, each as permitted by the Declaration.

     

    If an
Event of Default specified under clause (c) of this Section 5.01 occurs and is
continuing with respect to the Debt Securities, then, and in each and every such
case, unless the principal of the Debt Securities shall have already become due
and payable, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Debt Securities then outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by Securityholders), may
declare the entire principal of the Debt Securities and any premium and interest
accrued, but unpaid, thereon, if any, to be due and payable immediately, and
upon any such declaration the same shall become immediately due and
payable.  If an Event of Default specified under clause (e), (f) or
(g) of this Section 5.01 occurs, then, in each and every such case, the entire
principal amount of the Debt Securities and any premium and interest accrued,
but unpaid, thereon shall ipso
facto become immediately due and payable without further
action.  Notwithstanding anything to the contrary in this Section
5.01, if at any time during the period in which this Indenture remains in force
and effect, the Company ceases or elects to cease to be subject to the
supervision and regulations of the Federal Reserve, OTS, OCC or similar
regulatory authority overseeing bank, thrift, savings and loan or financial
holding companies or similar institutions requiring specifications for the
treatment of capital similar in nature to the capital adequacy guidelines under
the Federal Reserve rules and regulations, then the first sentence of this
paragraph shall be deemed to include clauses (a), (b) and (d) under this Section
5.01 as an Event of Default resulting in an acceleration of payment of the Debt
Securities to the same extent as provided herein for clause (c).

     

    Anything
in this Section 5.01 to the contrary notwithstanding, if an Event of Default
specified under clause (d) occurs and is continuing, then, and in each and every
such case, the Trustee, in its own name and as trustee of an express trust,
shall be entitled to pursue all available remedies at law and/or equity against
the Company.  The Company acknowledges and affirms that in the event
of breach of such covenants and agreements referenced in clause (d) of this
Section 5.01, the damages to the holders of the Debt Securities and the Capital
Securities may be difficult or impossible to ascertain.  Therefore, in
addition to any remedies available at law for breach of any or all of said
covenants or agreements, the holders of the Debt Securities and the Capital
Securities shall be entitled to injunctive or other equitable relief in
connection with the violation of any such covenants or agreements referenced in
Section 5.01(d).

     

    The
foregoing provisions, however, are subject to the condition that if, at any time
after the principal of the Debt Securities shall have been so declared due and
payable, and before any judgment or decree for the payment of the moneys due
shall have been obtained or entered as hereinafter provided, (i) the Company
shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Debt Securities and all payments on the
Debt Securities which shall have become due otherwise than by acceleration (with
interest upon all such payments and Deferred Interest, to the extent permitted
by law) and such amount as shall be sufficient to cover reasonable compensation
to the Trustee and each predecessor Trustee, their respective agents, attorneys
and counsel, and all other amounts due to

     

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

    the
Trustee pursuant to Section 6.06, if any, and (ii) all Events of Default under
this Indenture, other than the non-payment of the payments on Debt Securities
which shall have become due by acceleration, shall have been cured, waived or
otherwise remedied as provided herein, then and in every such case the holders
of a majority in aggregate principal amount of the Debt Securities then
outstanding, by written notice to the Company and to the Trustee, may waive all
defaults and rescind and annul such declaration and its consequences, but no
such waiver or rescission and annulment shall extend to or shall affect any
subsequent default or shall impair any right consequent thereon; provided,
however, that if the Debt Securities are held by the Trust or a trustee of the
Trust, such waiver or rescission and annulment shall not be effective until the
holders of a majority in aggregate liquidation amount of the outstanding Capital
Securities of the Trust shall have consented to such waiver or rescission and
annulment.

     

    In case
the Trustee shall have proceeded to enforce any right under this Indenture and
such proceedings shall have been discontinued or abandoned because of such
rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case the Company, the Trustee
and the Securityholders shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies and powers of the
Company, the Trustee and the Securityholders shall continue as though no such
proceeding had been taken.

     

    SECTION
5.02.  Payment of Debt Securities
on Default; Suit Therefor.

     

    The
Company covenants that upon the occurrence of an Event of Default under
paragraphs (c), (e), (f) or (g) of Section 5.01 of this Indenture, the Company
will pay to the Trustee, for the benefit of the Securityholders, the whole
amount that then shall have become due and payable on all Debt Securities
including Deferred Interest accrued on the Debt Securities; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including a reasonable compensation to the Trustee, its
agents, attorneys and counsel, and any other amounts due to the Trustee under
Section 6.06. In case the Company shall fail forthwith to pay such amounts upon
such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any actions or proceedings at law
or in equity for the collection of the sums so due and unpaid, and may prosecute
any such action or proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or any other obligor on such
Debt Securities and collect in the manner provided by law out of the property of
the Company or any other obligor on such Debt Securities wherever situated the
moneys adjudged or decreed to be payable.

     

    In case
there shall be pending proceedings for the bankruptcy or for the reorganization
of the Company or any other obligor on the Debt Securities under Bankruptcy Law,
or in case a receiver or trustee shall have been appointed for the property of
the Company or such other obligor, or in the case of any other similar judicial
proceedings relative to the Company or other obligor upon the Debt Securities,
or to the creditors or property of the Company or such other obligor, the
Trustee, irrespective of whether the principal of the Debt Securities shall then
be due and payable as therein expressed or by declaration of acceleration or
otherwise and irrespective of whether the Trustee shall have made any demand
pursuant to the provisions of this Section 5.02, shall be entitled and
empowered, by intervention in such proceedings or otherwise, to file and prove a
claim or claims for the whole amount of principal

     

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

    and
interest owing and unpaid in respect of the Debt Securities and, in case of any
judicial proceedings, to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for reasonable compensation to the Trustee and each
predecessor Trustee, and their respective agents, attorneys and counsel, and for
reimbursement of all other amounts due to the Trustee under Section 6.06) and of
the Securityholders allowed in such judicial proceedings relative to the Company
or any other obligor on the Debt Securities, or to the creditors or property of
the Company or such other obligor, unless prohibited by applicable law and
regulations, to vote on behalf of the Securityholders in any election of a
trustee or a standby trustee in arrangement, reorganization, liquidation or
other bankruptcy or insolvency proceedings or Person performing similar
functions in comparable proceedings, and to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute the
same after the deduction of its charges and expenses; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the
Securityholders to make such payments to the Trustee, and, in the event that the
Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee such amounts as shall be sufficient to
cover reasonable compensation to the Trustee, each predecessor Trustee and their
respective agents, attorneys and counsel, and all other amounts due to the
Trustee under Section 6.06.

     

    Nothing
herein contained shall be construed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Securityholder any plan of
reorganization, arrangement, adjustment or composition affecting the Debt
Securities or the rights of any holder thereof or to authorize the Trustee to
vote in respect of the claim of any Securityholder in any such
proceeding.

     

    All
rights of action and of asserting claims under this Indenture, or under any of
the Debt Securities, may be enforced by the Trustee without the possession of
any of the Debt Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of all the amounts
owing to the Trustee and other persons under Section 5.03, be for the ratable
benefit of the Securityholders.

     

    In any
proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be
a party) the Trustee shall be held to represent all the Securityholders, and it
shall not be necessary to make any Securityholders parties to any such
proceedings.

     

    SECTION
5.03.  Application of Moneys
Collected by Trustee.

     

    Any
moneys collected by the Trustee shall be applied in the following order, at the
date or dates fixed by the Trustee for the distribution of such moneys, upon
presentation of the several Debt Securities in respect of which moneys have been
collected, and stamping thereon the payment, if only partially paid, and upon
surrender thereof if fully paid:

     

    
      
         

      

      
        -30-

        
          

        

      

      
         

      

    

    First: To
the payment of costs and expenses incurred by, and reasonable fees of, the
Trustee, its agents, attorneys and counsel, and of all other amounts due to the
Trustee under Section 6.06;

     

    Second:
To the payment of all Senior Indebtedness of the Company if and to the extent
required by Article XV;

     

    Third: To
the payment of the amounts then due and unpaid upon Debt Securities, in respect
of which or for the benefit of which money has been collected, ratably, without
preference or priority of any kind, according to the amounts due on such Debt
Securities; and

     

    Fourth:
The balance, if any, to the Company.

     

    SECTION
5.04.  Proceedings by
Securityholders.

     

    No
Securityholder shall have any right to institute any suit, action or proceeding
for any remedy hereunder, unless such Securityholder previously shall have given
to the Trustee written notice of an Event of Default with respect to the Debt
Securities and unless the holders of not less than 25% in aggregate principal
amount of the Debt Securities then outstanding shall have given the Trustee a
written request to institute such action, suit or proceeding and shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred thereby, and the Trustee for 60
days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action, suit or proceeding; provided, that no
Securityholder shall have any right to prejudice the rights of any other
Securityholder, obtain priority or preference over any other such Securityholder
or enforce any right under this Indenture except in the manner herein provided
and for the equal, ratable and common benefit of all
Securityholders.

     

    Notwithstanding
any other provisions in this Indenture, however, the right of any Securityholder
to receive payment of the principal of, premium, if any, and interest on such
Debt Security when due, or to institute suit for the enforcement of any such
payment, shall not be impaired or affected without the consent of such
Securityholder. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

     

    SECTION
5.05.  Proceedings by
Trustee.

     

    In case
of an Event of Default hereunder the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either by suit in equity or by action at
law or by proceeding in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid
of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by
law.

     

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

    SECTION
5.06. Remedies
Cumulative and Continuing.

     

    Except as
otherwise provided in Section 2.06, all powers and remedies given by this
Article V to the Trustee or to the Securityholders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any other powers and
remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or otherwise established
with respect to the Debt Securities, and no delay or omission of the Trustee or
of any Securityholder to exercise any right or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or
power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 5.04, every
power and remedy given by this Article V or by law to the Trustee or to the
Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

     

    SECTION
5.07.  Direction of Proceedings and
Waiver of Defaults by Majority of Securityholders.

     

    The
holders of a majority in aggregate principal amount of the Debt Securities
affected (voting as one class) at the time outstanding and, if the Debt
Securities are held by the Trust or a trustee of the Trust, the holders of a
majority in aggregate liquidation amount of the outstanding Capital Securities
of the Trust shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee with respect to such Debt
Securities; provided, however, that if the
Debt Securities are held by the Trust or a trustee of the Trust, such time,
method and place or such exercise, as the case may be, may not be so directed
until the holders of a majority in aggregate liquidation amount of the
outstanding Capital Securities of the Trust shall have directed such time,
method and place or such exercise, as the case may be; provided, further, that
(subject to the provisions of Section 6.01) the Trustee shall have the right to
decline to follow any such direction if the Trustee being advised by counsel
shall determine that the action so directed would be unjustly prejudicial to the
holders not taking part in such direction or if the Trustee being advised by
counsel determines that the action or proceeding so directed may not lawfully be
taken or if a Responsible Officer of the Trustee shall determine that the action
or proceedings so directed would involve the Trustee in personal liability.
Prior to any declaration of acceleration, or ipso facto
acceleration, of the maturity of the Debt Securities, the holders of a
majority in aggregate principal amount of the Debt Securities at the time
outstanding may on behalf of the holders of all of the Debt Securities waive (or
modify any previously granted waiver of) any past default or Event of Default
and its consequences, except a default (a) in the payment of principal of,
premium, if any, or interest on any of the Debt Securities, (b) in respect of
covenants or provisions hereof which cannot be modified or amended without the
consent of the holder of each Debt Security affected, or (c) in respect of the
covenants contained in Section 3.09; provided, however, that if the
Debt Securities are held by the Trust or a trustee of the Trust, such waiver or
modification to such waiver shall not be effective until the holders of a
majority in Liquidation Amount of the Trust Securities of the Trust shall have
consented to such waiver or modification to such waiver; provided, further, that if the
consent of the holder of each outstanding Debt Security is required, such waiver
or modification to such waiver shall not be effective until each holder of the
outstanding Capital Securities of the Trust shall have consented

     

    
      
         

      

      
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    to such
waiver or modification to such waiver. Upon any such waiver or modification to
such waiver, the Default or Event of Default covered thereby shall be deemed to
be cured for all purposes of this Indenture and the Company, the Trustee and the
Securityholders shall be restored to their former positions and rights
hereunder, respectively; but no such waiver or modification to such waiver shall
extend to any subsequent or other Default or Event of Default or impair any
right consequent thereon. Whenever any Default or Event of Default hereunder
shall have been waived as permitted by this Section 5.07, said Default or Event
of Default shall for all purposes of the Debt Securities and this Indenture be
deemed to have been cured and to be not continuing.

     

    SECTION
5.08.  Notice of
Defaults.

     

    The
Trustee shall, within 90 days after a Responsible Officer of the Trustee shall
have actual knowledge or received written notice of the occurrence of a Default
with respect to the Debt Securities, mail to all Securityholders, as the names
and addresses of such Securityholders appear upon the Debt Security Register,
notice of all Defaults with respect to the Debt Securities actually known to the
Trustee, unless such Defaults shall have been cured before the giving of such
notice (the term "Defaults" for the purpose of this Section 5.08 being hereby
defined to be the events specified in subsections (a), (b), (c), (d), (e), (f)
and (g) of Section 5.01, not including periods of grace, if any, provided for
therein); provided, that,
except in the case of default in the payment of the principal of, premium, if
any, or interest on any of the Debt Securities, the Trustee shall be protected
in withholding such notice if and so long as a Responsible Officer of the
Trustee in good faith determines that the withholding of such notice is in the
interests of the Securityholders.

     

    SECTION
5.09.  Undertaking to Pay
Costs.

     

    All
parties to this Indenture agree, and each Securityholder by such Securityholder
's acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 5.09 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of
the Debt Securities (or, if such Debt Securities are held by the Trust or a
trustee of the Trust, more than 10% in liquidation amount of the outstanding
Capital Securities) to any suit instituted by any Securityholder for the
enforcement of the payment of the principal of (or premium, if any) or interest
on any Debt Security against the Company on or after the same shall have become
due and payable, or to any suit instituted in accordance with Section
14.12.

     

    
      
         

      

      
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    ARTICLE
VI

     

    CONCERNING
THE TRUSTEE

     

    SECTION
6.01.  Duties and Responsibilities
of Trustee.

     

    With
respect to the holders of Debt Securities issued hereunder, the Trustee, prior
to the occurrence of an Event of Default with respect to the Debt Securities and
after the curing or waiving of all Events of Default which may have occurred,
with respect to the Debt Securities, undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture. In case an Event of
Default with respect to the Debt Securities has occurred (which has not been
cured or waived) the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, 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 such person's own affairs.

     

    No
provision of this Indenture shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act or its
own willful misconduct, except that:

     

    (a)           prior
to the occurrence of an Event of Default with respect to the Debt Securities and
after the curing or waiving of all Events of Default which may have
occurred

     

    (1)           the
duties and obligations of the Trustee with respect to the Debt Securities shall
be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and
obligations with respect to the Debt Securities as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

     

    (2)           in
the absence of bad faith on the part of the Trustee, the 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
Trustee and conforming to the requirements of this Indenture; but, in the case
of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform on their
face to the requirements of this Indenture;

     

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

     

    (c)           the
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
Securityholders pursuant to Section 5.07, relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this
Indenture;

     

    
      
         

      

      
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    the
Trustee shall not be charged with knowledge of any Default or Event of Default
with respect to the Debt Securities unless either (1) a Responsible Officer
shall have actual knowledge of such Default or Event of Default or (2) written
notice of such Default or Event of Default shall have been given to the Trustee
by the Company or any other obligor on the Debt Securities or by any
Securityholder, except with respect to an Event of Default pursuant to Sections
5.01 (a) or 5.01 (b) hereof (other than an Event of Default resulting from the
default in the payment of Additional Interest or premium, if any, if the Trustee
does not have actual knowledge or written notice that such payment is due and
payable), of which the Trustee shall be deemed to have knowledge;

     

    (d)           in
the absence of bad faith on the part of the Trustee, the Trustee may seek and
rely on reasonable instructions from the Company; and

     

    (e)           Whether
or not herein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Section 6.01.  To
the extent that, at law or in equity, the Trustee has duties and liabilities
relating to the Holders, the Trustee shall not be liable to any Holder for the
Trustee's good faith reliance on the provisions of this
Indenture.  The provisions of this Indenture, to the extent they
restrict the duties and liabilities of the Trustee otherwise existing at law or
in equity, are agreed by the Company and the Holders to replace such other
duties and liabilities of the Trustee.

     

    None of
the provisions contained in this Indenture shall require the 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.

     

    SECTION
6.02.  Reliance on Documents,
Opinions, etc.

     

    Except as
otherwise provided in Section 6.01:

     

    (a)           the
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, consent, order, bond, note, debenture or other
paper or document believed by it in good faith to be genuine and to have been
signed or presented by the proper party or parties;

     

    (b)           any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers' Certificate (unless other evidence in
respect thereof be herein specifically prescribed); and any Board Resolution may
be evidenced to the Trustee by a copy thereof certified by the Secretary or an
Assistant Secretary of the Company;

     

    (c)           the
Trustee may consult with counsel of its selection and any advice or Opinion of
Counsel 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 of Counsel;

     

    (d)           the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Securityholders, pursuant to the provisions of this Indenture, unless such
Securityholders shall

     

    
      
         

      

      
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    have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby;

     

    (e)           the
Trustee shall not be liable for any action taken or omitted by it in good faith
and reasonably believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture; nothing contained herein
shall, however, relieve the Trustee of the obligation, upon the occurrence of an
Event of Default with respect to the Debt Securities (that has not been cured or
waived) to exercise with respect to the Debt Securities such of the rights and
powers vested in it by this Indenture, and to 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 such person's own affairs;

     

    (f)           the
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, consent, order, approval, bond, debenture, coupon or other
paper or document, unless requested in writing to do so by the holders of not
less than a majority in principal amount of the outstanding Debt Securities
affected thereby; provided, however, that if the
payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Trustee, not reasonably assured to the Trustee by the
security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expense or liability as a condition to so
proceeding;

     

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

     

    (h)           if
(i) in performing its duties under this Indenture the Trustee is required to
decide between alternative courses of action, (ii) in construing any of the
provisions of this Indenture the Trustee finds ambiguous or inconsistent with
any other provisions contained herein or (iii) the Trustee is unsure of the
application of any provision of this Indenture, then, except as to any matter as
to which the Holders are entitled to decide under the terms of this Indenture,
the Trustee shall deliver a notice to the Company requesting the Company's
written instruction as to the course of action to be  taken and the
Trustee shall take such action, or refrain from taking such action, as the
Trustee shall be instructed in writing to take, or to refrain from taking, by
the Company; provided, that if the Trustee does not receive such instructions
from the Company within ten (10) Business Days after it has delivered such
notice or such reasonably shorter period of time set forth in such notice the
Trustee may, but shall be under no duty to, take such action, or refrain from
taking such action, as the Trustee shall deem advisable and in the best
interests of the Holders, in which event the Trustee shall have no liability
except for its own negligence, bad faith or willful misconduct.

     

    SECTION
6.03.  No
Responsibility for Recitals, etc.

     

    The
recitals contained herein and in the Debt Securities (except in the certificate
of authentication of the Trustee or the Authenticating Agent) shall be taken as
the statements of the Company, and the Trustee and the Authenticating Agent
assume no responsibility for the

     

    
      
         

      

      
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    correctness
of the same. The Trustee and the Authenticating Agent make no representations as
to the validity or sufficiency of this Indenture or of the Debt Securities. The
Trustee and the Authenticating Agent shall not be accountable for the use or
application by the Company of any Debt Securities or the proceeds of any Debt
Securities authenticated and delivered by the Trustee or the Authenticating
Agent in conformity with the provisions of this Indenture.

     

    SECTION
6.04.  Trustee, Authenticating
Agent, Paying Agents, Transfer Agents or Registrar May Own Debt
Securities.

     

    The
Trustee or any Authenticating Agent or any Paying Agent or any transfer agent or
any Debt Security Registrar, in its individual or any other capacity, may become
the owner or pledgee of Debt Securities with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, transfer agent or Debt
Security Registrar.

     

    SECTION
6.05.  Moneys to be Held in
Trust.

     

    Subject
to the provisions of Section 12.04, all moneys received by the Trustee or any
Paying Agent shall, until used or applied as herein provided, be held in trust
for the purpose for which they were received, but need not be segregated from
other funds except to the extent required by law. The Trustee and any Paying
Agent shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company. So long as no
Event of Default shall have occurred and be continuing, all interest allowed on
any such moneys, if any, shall be paid from time to time to the Company upon the
written order of the Company, signed by the Chairman of the Board of Directors,
the President, the Chief Operating Officer, a Vice President, the Treasurer or
an Assistant Treasurer of the Company.

     

    SECTION
6.06.  Compensation and Expenses of
Trustee.

     

    Other
than as provided in the Fee Agreement of even date herewith, the Company
covenants and agrees to pay to the Trustee from time to time, and the Trustee
shall be entitled to, such compensation as shall be agreed to in writing between
the Company and the Trustee (which shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust), and the Company
will pay or reimburse the Trustee upon its written request for all documented
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the
reasonable compensation and the reasonable expenses and disbursements of its
counsel and of all Persons not regularly in its employ) except any such expense,
disbursement or advance that arises from its negligence, willful misconduct or
bad faith. The Company also covenants to indemnify each of the Trustee
(including in its individual capacity) and any predecessor Trustee (and its
officers, agents, directors and employees) for, and to hold it harmless against,
any and all loss, damage, claim, liability or expense including taxes (other
than taxes based on the income of the Trustee), except to the extent such loss,
damage, claim, liability or expense results from the negligence, willful
misconduct or bad faith of such indemnitee, arising out of or in connection with
the acceptance or administration of this Trust, including the costs and expenses
of defending itself against any claim or liability in the premises. The
obligations of the Company under this Section 6.06 to compensate and indemnify
the Trustee and to pay or reimburse the Trustee for

     

    
      
         

      

      
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    documented
expenses, disbursements and advances shall constitute additional indebtedness
hereunder. Such additional indebtedness shall be secured by (and the Company
hereby grants and pledges to the Trustee) a lien prior to that of the Debt
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the holders of particular Debt
Securities.

     

    Without
prejudice to any other rights available to the Trustee under applicable law,
when the Trustee incurs expenses or renders services in connection with an Event
of Default specified in subsections (d), (e) or (f) of Section 5.01, the
expenses (including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or
other similar law.

     

    The
provisions of this Section shall survive the resignation or removal of the
Trustee and the defeasance or other termination of this Indenture.

     

    Notwithstanding
anything in this Indenture or any Debt Security to the contrary, the Trustee
shall have no obligation whatsoever to advance funds to pay any principal of or
interest on or other amounts with respect to the Debt Securities or otherwise
advance funds to or on behalf of the Company.

     

    SECTION
6.07.  Officers' Certificate as
Evidence.

     

    Except as
otherwise provided in Sections 6.01 and 6.02, whenever in the administration of
the provisions of this Indenture the Trustee shall deem it necessary or
desirable that a matter be proved or established prior to taking or omitting any
action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence, willful
misconduct or bad faith on the part of the Trustee, be deemed to be conclusively
proved and established by an Officers' Certificate delivered to the Trustee, and
such certificate, in the absence of negligence, willful misconduct or bad faith
on the part of the Trustee, shall be full warrant to the Trustee for any action
taken or omitted by it under the provisions of this Indenture upon the faith
thereof.

     

    SECTION
6.08.  Eligibility of
Trustee.

     

    The
Trustee hereunder shall at all times be a U.S. Person that is a banking
corporation or national association organized and doing business under the laws
of the United States of America or any state thereof or of the District of
Columbia and 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, or
District of Columbia authority. If such corporation or national association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 6.08 the combined capital and surplus of such
corporation or national association shall be deemed to be its combined capital
and surplus as set forth in its most recent records of condition so
published.

     

    The
Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Trustee,
notwithstanding

     

    
      
         

      

      
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    that such
corporation or national association shall be otherwise eligible and qualified
under this Article.

     

    In case
at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 6.08, the Trustee shall resign immediately in the
manner and with the effect specified in Section 6.09.

     

    If the
Trustee has or shall acquire any "conflicting interest" within the meaning of §
310(b) of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to
this Indenture.

     

    SECTION
6.09.  Resignation or Removal of
Trustee, Calculation Agent, Paying Agent or Debt Security
Registrar.

     

    (a)           The
Trustee, or any trustee or trustees hereafter appointed, the Calculation Agent,
the Paying Agent and any Debt Security Registrar may at any time resign by
giving written notice of such resignation to the Company and by mailing notice
thereof, at the Company's expense, to the Securityholders at their addresses as
they shall appear on the Debt Security Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor or successors by
written instrument, in duplicate, executed by order of its Board of Directors,
one copy of which instrument shall be delivered to the resigning party and one
copy to the successor. If no successor shall have been so appointed and have
accepted appointment within 30 days after the mailing of such notice of
resignation to the affected Securityholders, the resigning party may, at the
Company’s expense, petition any court of competent jurisdiction for the
appointment of a successor, or any Securityholder who has been a bona fide
holder of a Debt Security or Debt Securities for at least six months may,
subject to the provisions of Section 5.09, on behalf of himself or herself and
all others similarly situated, petition any such court for the appointment of a
successor. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, appoint a successor.

     

    (b)           In
case at any time any of the following shall occur -

     

    (1)           the
Trustee shall fail to comply with the provisions of the last paragraph of
Section 6.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Debt Security or Debt
Securities for at least six months,

     

    (2)           the
Trustee shall cease to be eligible in accordance with the provisions of Section
6.08 and shall fail to resign after written request therefor by the Company or
by any such Securityholder, or

     

    (3)           the
Trustee shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation,

     

    then, in
any such case, the Company may remove the Trustee and appoint a successor
Trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which

     

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

    instrument
shall be delivered to the Trustee so removed and one copy to the successor
Trustee, or, subject to the provisions of Section 5.09, if no successor Trustee
shall have been so appointed and have accepted appointment within 30 days of the
occurrence of any of (1), (2) or (3) above, the Trustee or any Securityholder
who has been a bona fide holder of a Debt Security or Debt Securities for at
least six months may, on behalf of himself or herself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee. Such court may thereupon,
after such notice, if any, as it may deem proper and prescribe, remove the
Trustee and appoint a successor Trustee.

     

    (c)           Upon
prior written notice to the Company and the Trustee, the holders of a majority
in aggregate principal amount of the Debt Securities at the time outstanding may
at any time remove the Trustee and nominate a successor Trustee, which shall be
deemed appointed as successor Trustee unless within ten Business Days after such
nomination the Company objects thereto, in which case or in the case of a
failure by such Securityholders to nominate a successor Trustee, the Trustee so
removed or any Securityholder, upon the terms and conditions and otherwise as in
subsection (a) of this Section 6.09 provided, may petition any court of
competent jurisdiction for an appointment of a successor.

     

    (d)           Any
resignation or removal of the Trustee, the Calculation Agent, the Paying Agent
and any Debt Security Registrar and appointment of a successor pursuant to any
of the provisions of this Section 6.09 shall become effective upon acceptance of
appointment by the successor as provided in Section 6.10.

     

    SECTION
6.10.  Acceptance by
Successor.

     

    Any
successor Trustee, Calculation Agent, Paying Agent or Debt Security Registrar
appointed as provided in Section 6.09 shall execute, acknowledge and deliver to
the Company and to its predecessor an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the retiring party shall
become effective and such successor, without any further act, deed or
conveyance, shall become vested with all the rights, powers, duties and
obligations with respect to the Debt Securities of its predecessor hereunder,
with like effect as if originally named herein; but, nevertheless, on the
written request of the Company or of the successor, the party ceasing to act
shall, upon payment of the amounts then due it pursuant to the provisions of
Section 6.06, execute and deliver an instrument transferring to such successor
all the rights and powers of the party so ceasing to act and shall duly assign,
transfer and deliver to such successor all property and money held by such
retiring party hereunder. Upon request of any such successor, the Company shall
execute any and all instruments in writing for more fully and certainly vesting
in and confirming to such successor all such rights and powers. Any party
ceasing to act shall, nevertheless, retain a lien upon all property or funds
held or collected to secure any amounts then due it pursuant to the provisions
of Section 6.06.

     

    If a
successor Trustee is appointed, the Company, the retiring Trustee and the
successor Trustee shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Debt Securities as to which the predecessor Trustee is not
retiring shall continue to be vested in the predecessor Trustee,
and

     

    
      
         

      

      
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    shall add
to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the Trust hereunder by more than
one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that
each such Trustee shall be Trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered by any other such
Trustee.

     

    No
successor Trustee shall accept appointment as provided in this Section 6.10
unless at the time of such acceptance such successor Trustee shall be eligible
and qualified under the provisions of Section 6.08.

     

    In no
event shall a retiring Trustee, Calculation Agent, Paying Agent or Debt Security
Registrar be liable for the acts or omissions of any successor
hereunder.

     

    Upon
acceptance of appointment by a successor Trustee, Calculation Agent, Paying
Agent or Debt Security Registrar as provided in this Section 6.10, the Company
shall mail notice of the succession to the Securityholders at their addresses as
they shall appear on the Debt Security Register. If the Company fails to mail
such notice within ten Business Days after the acceptance of appointment by the
successor, the successor shall cause such notice to be mailed at the expense of
the Company.

     

    SECTION
6.11.  Succession by Merger,
etc.

     

    Any
Person into which the Trustee 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 Trustee shall be a party, or any Person succeeding to
all or substantially all of the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder without the execution or filing of any
paper or any further act on the part of any of the parties hereto; provided, that such
Person shall be otherwise eligible and qualified under this
Article.

     

    In case
at the time such successor to the Trustee shall succeed to the trusts created by
this Indenture any of the Debt Securities shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor Trustee, and deliver such Debt Securities so
authenticated; and in case at that time any of the Debt Securities shall not
have been authenticated, any successor to the Trustee may authenticate such Debt
Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificates shall have the full
force which it is anywhere in the Debt Securities or in this Indenture provided
that the certificate of the Trustee shall have; provided, however, that the
right to adopt the certificate of authentication of any predecessor Trustee or
authenticate Debt Securities in the name of any predecessor Trustee shall apply
only to its successor or successors by merger, conversion or
consolidation.

     

    SECTION
6.12.  Authenticating
Agents.

     

    There may
be one or more Authenticating Agents appointed by the Trustee upon the request
of the Company with power to act on its behalf and subject to its direction in
the authentication and delivery of Debt Securities issued upon exchange or
registration of transfer thereof as fully to all intents and purposes as though
any such Authenticating Agent had been

     

    
      
         

      

      
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    expressly
authorized to authenticate and deliver Debt Securities; provided, that the
Trustee shall have no liability to the Company for any acts or omissions of the
Authenticating Agent with respect to the authentication and delivery of Debt
Securities. Any such Authenticating Agent shall at all times be a Person
organized and doing business under the laws of the United States or of any state
or territory thereof or of the District of Columbia authorized under such laws
to act as Authenticating Agent, having a combined capital and surplus of at
least $50,000,000 and being subject to supervision or examination by federal,
state, territorial or District of Columbia authority. If such Person publishes
reports of condition at least annually pursuant to law or the requirements of
such authority, then for the purposes of this Section 6.12 the combined capital
and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and
with the effect herein specified in this Section.

     

    Any
Person into which any Authenticating Agent may be merged or converted or with
which it may be consolidated, or any Person resulting from any merger,
consolidation or conversion to which any Authenticating Agent shall be a party,
or any Person succeeding to all or substantially all of the corporate trust
business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, if such successor Person is otherwise eligible
under this Section 6.12 without the execution or filing of any paper or any
further act on the part of the parties hereto or such Authenticating
Agent.

     

    Any
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time
terminate the agency of any Authenticating Agent with respect to the Debt
Securities by giving written notice of termination to such Authenticating Agent
and to the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be
eligible under this Section 6.12, the Trustee may, and upon the request of the
Company shall, promptly appoint a successor Authenticating Agent eligible under
this Section 6.12, shall give written notice of such appointment to the Company
and shall mail notice of such appointment to all Securityholders as the names
and addresses of such Securityholders appear on the Debt Security Register. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all rights, powers, duties and responsibilities with
respect to the Debt Securities of its predecessor hereunder, with like effect as
if originally named as Authenticating Agent herein.

     

    Other
than as provided in the Fee Agreement of even date herewith, the Company agrees
to pay to any Authenticating Agent from time to time reasonable compensation for
its services. Any Authenticating Agent shall have no responsibility or liability
for any action taken by it as such in accordance with the directions of the
Trustee and shall receive such reasonable indemnity as it may require against
the costs, expenses and liabilities incurred in furtherance of its duties under
this Section 6.12.

     

    
      
         

      

      
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    ARTICLE
VII

     

    CONCERNING
THE SECURITYHOLDERS

     

    SECTION
7.01.  Action by
Securityholders.

     

    Whenever
in this Indenture it is provided that the holders of a specified percentage in
aggregate principal amount of the Debt Securities or aggregate Liquidation
Amount of the Capital Securities may take any action (including the making of
any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action the
holders of such specified percentage have joined therein may be evidenced (a) by
any instrument or any number of instruments of similar tenor executed by such
Securityholders or holders of Capital Securities, as the case may be, in person
or by agent or proxy appointed in writing, or (b) by the record of such
Securityholders voting in favor thereof at any meeting of such Securityholders
duly called and held in accordance with the provisions of Article VIII, or of
such holders of Capital Securities duly called and held in accordance with the
provisions of the Declaration, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of such Securityholders, or
holders of Capital Securities, as the case may be, or (d) by any other method
the Trustee deems satisfactory.

     

    If the
Company shall solicit from the Securityholders any request, demand,
authorization, direction, notice, consent, waiver or other action or revocation
of the same, the Company may, at its option, as evidenced by an Officers'
Certificate, fix in advance a record date for such Debt Securities for the
determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action or revocation
of the same, but the Company shall have no obligation to do so. If such a record
date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other action or revocation of the same may be given before or after
the record date, but only the Securityholders of record at the close of business
on the record date shall be deemed to be Securityholders for the purposes of
determining whether holders of the requisite proportion of outstanding Debt
Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action or revocation
of the same, and for that purpose the outstanding Debt Securities shall be
computed as of the record date; provided, however, that no such
authorization, agreement or consent by such Securityholders on the record date
shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record
date.

     

    SECTION
7.02.  Proof
of Execution by Securityholders.

     

    Subject
to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any
instrument by a Securityholder or such Securityholder's agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in such manner as shall be satisfactory to
the Trustee. The ownership of Debt Securities shall be proved by the Debt
Security Register or by a certificate of the Debt Security Registrar. The
Trustee may require such additional proof of any matter referred to in this
Section as it shall deem necessary.

     

    
      
         

      

      
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    The
record of any Securityholders' meeting shall be proved in the manner provided in
Section 8.06.

     

    SECTION
7.03.  Who
Are Deemed Absolute Owners.

     

    Prior to
due presentment for registration of transfer of any Debt Security, the Company,
the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent and
any Debt Security Registrar may deem the Person in whose name such Debt Security
shall be registered upon the Debt Security Register to be, and may treat such
Person as, the absolute owner of such Debt Security (whether or not such Debt
Security shall be overdue) for the purpose of receiving payment of or on account
of the principal of, premium, if any, and interest on such Debt Security and for
all other purposes; and neither the Company nor the Trustee nor any
Authenticating Agent nor any Paying Agent nor any transfer agent nor any Debt
Security Registrar shall be affected by any notice to the contrary. All such
payments so made to any Securityholder for the time being or upon such
Securityholder's order shall be valid, and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge the liability for moneys payable upon
any such Debt Security.

     

    SECTION
7.04.  Debt
Securities Owned by Company Deemed Not Outstanding.

     

    In
determining whether the holders of the requisite aggregate principal amount of
Debt Securities have concurred in any direction, consent or waiver under this
Indenture, Debt Securities which are owned by the Company or any other obligor
on the Debt Securities or by any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company (other
than the Trust) or any other obligor on the Debt Securities shall be disregarded
and deemed not to be outstanding for the purpose of any such determination;
provided, that
for the purposes of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Debt Securities which a
Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. Debt Securities so owned which have been pledged in good faith may
be regarded as outstanding for the purposes of this Section 7.04 if the pledgee
shall establish to the satisfaction of the Trustee the pledgee's right to vote
such Debt Securities and that the pledgee is not the Company or any such other
obligor or Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Company or any such other obligor. In
the case of a dispute as to such right, any decision by the Trustee taken upon
the advice of counsel shall be full protection to the Trustee.

     

    SECTION
7.05.  Revocation of Consents;
Future Securityholders Bound.

     

    At any
time prior to (but not after) the evidencing to the Trustee, as provided in
Section 7.01, of the taking of any action by the holders of the percentage in
aggregate principal amount of the Debt Securities specified in this Indenture in
connection with such action, any Securityholder (in cases where no record date
has been set pursuant to Section 7.01) or any holder as of an applicable record
date (in cases where a record date has been set pursuant to Section 7.01) of a
Debt Security (or any Debt Security issued in whole or in part in exchange or
substitution therefor) the serial number of which is shown by the evidence to be
included in the Debt Securities the holders of which have consented to such
action may, by filing written notice with the Trustee at the Principal Office of
the Trustee and upon proof of holding as provided in

     

    
      
         

      

      
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    Section
7.02, revoke such action so far as concerns such Debt Security (or so far as
concerns the principal amount represented by any exchanged or substituted Debt
Security). Except as aforesaid any such action taken by the holder of any Debt
Security shall be conclusive and binding upon such Securityholder and upon all
future holders and owners of such Debt Security, and of any Debt Security issued
in exchange or substitution therefor or on registration of transfer thereof,
irrespective of whether or not any notation in regard thereto is made upon such
Debt Security or any Debt Security issued in exchange or substitution
therefor.

     

    ARTICLE
VIII

     

    SECURITYHOLDERS'
MEETINGS

     

    SECTION
8.01.  Purposes of
Meetings.

     

    A meeting
of Securityholders may be called at any time and from time to time pursuant to
the provisions of this Article VIII for any of the following
purposes:

     

    (a)           to
give any notice to the Company or to the Trustee, or to give any directions to
the Trustee, or to consent to the waiving of any default hereunder and its
consequences, or to take any other action authorized to be taken by
Securityholders pursuant to any of the provisions of Article V;

     

    (b)           to
remove the Trustee and nominate a successor trustee pursuant to the provisions
of Article VI;

     

    (c)           to
consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 9.02; or

     

    (d)           to
take any other action authorized to be taken by or on behalf of the holders of
any specified aggregate principal amount of such Debt Securities under any other
provision of this Indenture or under applicable law.

     

    SECTION
8.02.  Call
of Meetings by Trustee.

     

    The
Trustee may at any time call a meeting of Securityholders to take any action
specified in Section 8.01, to be held at such time and at such place in New York
or Wilmington, Delaware, as the Trustee shall determine. Notice of every meeting
of the Securityholders, setting forth the time and the place of such meeting and
in general terms the action proposed to be taken at such meeting, shall be
mailed to Securityholder affected at their addresses as they shall appear on the
Debt Securities Register. Such notice shall be mailed not less than 20 nor more
than 180 days prior to the date fixed for the meeting.

     

    SECTION
8.03.  Call
of Meetings by Company or Securityholders.

     

    In case
at any time the Company pursuant to a Board Resolution, or the holders of at
least 10% in aggregate principal amount of the Debt Securities, as the case may
be, then outstanding, shall have requested the Trustee to call a meeting of
Securityholders, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the

     

    
      
         

      

      
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    Trustee
shall not have mailed the notice of such meeting within 20 days after receipt of
such request, then the Company or such Securityholders may determine the time
and the place in for such meeting and may call such meeting to take any action
authorized in Section 8.01, by mailing notice thereof as provided in Section
8.02.

     

    SECTION
8.04.  Qualifications for
Voting.

     

    To be
entitled to vote at any meeting of Securityholders a Person shall be (a) a
holder of one or more Debt Securities with respect to which the meeting is being
held or (b) a Person appointed by an instrument in writing as proxy by a holder
of one or more such Debt Securities. The only Persons who shall be entitled to
be present or to speak at any meeting of Securityholders shall be the Persons
entitled to vote at such meeting and their counsel and any representatives of
the Trustee and its counsel and any representatives of the Company and its
counsel.

     

    SECTION
8.05.  Regulations.

     

    Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Securityholders, in
regard to proof of the holding of Debt Securities and of the appointment of
proxies, and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as
it shall deem appropriate.

     

    The
Trustee shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by
Securityholders as provided in Section 8.03, in which case the Company or the
Securityholders calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of
the meeting shall be elected by majority vote at the meeting.

     

    Subject
to the provisions of Section 7.04, at any meeting each Securityholder with
respect to which such meeting is being held or proxy therefor shall be entitled
to one vote for each $1,000 principal amount of Debt Securities held or
represented by such Securityholder; provided, however, that no vote
shall be cast or counted at any meeting in respect of any Debt Security
challenged as not outstanding and ruled by the chairman of the meeting to be not
outstanding. The chairman of the meeting shall have no right to vote other than
by virtue of Debt Securities held by such chairman or instruments in writing as
aforesaid duly designating such chairman as the Person to vote on behalf of
other Securityholders. Any meeting of Securityholders duly called pursuant to
the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a
majority of those present, whether or not constituting a quorum, and the meeting
may be held as so adjourned without further notice.

     

    SECTION
8.06.  Voting.

     

    The vote
upon any resolution submitted to any meeting of Securityholders with respect to
which such meeting is being held shall be by written ballots on which shall be
subscribed the signatures of such Securityholders or of their representatives by
proxy and the serial number or numbers of the Debt Securities held or
represented by them. The permanent

     

    
      
         

      

      
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    chairman
of the meeting shall appoint two inspectors of votes who shall count all votes
cast at the meeting for or against any resolution and who shall make and file
with the secretary of the meeting their verified written reports in triplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of
each meeting of Securityholders shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more Persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was mailed as provided in Section 8.02.
The record shall show the serial numbers of the Debt Securities voting in favor
of or against any resolution. The record shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting.  Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

     

    SECTION
8.07.  Quorum;
Actions.

     

    The
Persons entitled to vote a majority in outstanding principal amount of the Debt
Securities shall constitute a quorum for a meeting of Securityholders; provided, however, that if any
action is to be taken at such meeting with respect to a consent, waiver,
request, demand, notice, authorization, direction or other action which may be
given by the holders of not less than a specified percentage in outstanding
principal amount of the Debt Securities, the Persons holding or representing
such specified percentage in outstanding principal amount of the Debt Securities
will constitute a quorum. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall, if convened at the
request of Securityholders, be dissolved. In any other case the meeting may be
adjourned for a period of not less than 10 days as determined by the permanent
chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further
adjourned for a period of not less than 10 days as determined by the permanent
chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in
Section 8.02, except that such notice need be given only once not less than five
days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of an adjourned meeting shall state expressly the
percentage, as provided above, of the outstanding principal amount of the Debt
Securities which shall constitute a quorum.

     

    Except as
limited by the proviso in the first paragraph of Section 9.02, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted by the affirmative vote of the holders of
not less than a majority in outstanding principal amount of the Debt Securities;
provided, however, that, except
as limited by the proviso in the first paragraph of Section 9.02, any resolution
with respect to any consent, waiver, request, demand, notice, authorization,
direction or other action that this Indenture expressly provides may be given by
the holders of not less than a specified percentage in outstanding principal
amount of the Debt Securities may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid only by
the affirmative vote of the holders of not less than such specified percentage
in outstanding principal amount of the Debt Securities.

     

    
      
         

      

      
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    Any
resolution passed or decision taken at any meeting of Securityholders duly held
in accordance with this Section shall be binding on all the Securityholders,
whether or not present or represented at the meeting.

     

    SECTION
8.08.  Written Consent Without a
Meeting.

     

    Whenever
under this Indenture, Securityholders are required or permitted to take any
action by vote, such action may be taken without a meeting on written consent,
setting forth the action so taken, signed by the Securityholders of all
outstanding Debt Securities entitled to vote thereon.  No consent
shall be effective to take the action referred to therein unless, within sixty
days of the earliest dated consent delivered in the manner required by this
paragraph to the Trustee, written consents signed by a sufficient number of
Securityholders to take action are delivered to the Trustee at its Principal
Office.  Delivery made to the Trustee at its Principal Office, shall
be by hand or by certificated or registered mail, return receipt
requested.  Written consent thus given by the Securityholders of such
number of Debt Securities as is required hereunder, shall have the same effect
as a valid vote of Securityholders of such number of Debt
Securities.

     

    ARTICLE
IX

     

    SUPPLEMENTAL
INDENTURES

     

    SECTION
9.01.  Supplemental Indentures
without Consent of Securityholders.

     

    The
Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto,
without the consent of the Securityholders, for one or more of the following
purposes:

     

    (a)           to
evidence the succession of another Person to the Company, or successive
successions, and the assumption by the successor Person of the covenants,
agreements and obligations of the Company, pursuant to Article XI
hereof;

     

    (b)           to
add to the covenants of the Company such further covenants, restrictions or
conditions for the protection of the Securityholders as the Board of Directors
shall consider to be for the protection of the Securityholders, and to make the
occurrence, or the occurrence and continuance, of a Default in any of such
additional covenants, restrictions or conditions a Default or an Event of
Default permitting the enforcement of all or any of the several remedies
provided in this Indenture as herein set forth; provided, however, that in
respect of any such additional covenant, restriction or condition such
supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default or
may limit the remedies available to the Trustee upon such default;

     

    (c)           to
cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any
other provision contained herein or in any supplemental indenture, or to make or
amend such other provisions in regard to matters or questions arising under this
Indenture; provided, that any
such action shall not adversely affect the interests of the
Securityholders;

     

    
      
         

      

      
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    to add
to, delete from, or revise the terms of Debt Securities, including, without
limitation, any terms relating to the issuance, exchange, registration or
transfer of Debt Securities, including to provide for transfer procedures and
restrictions substantially similar to those applicable to the Capital
Securities, as required by Section 2.05 (for purposes of assuring that no
registration of Debt Securities is required under the Securities Act of 1933, as
amended); provided, that any such action shall not adversely affect the
interests of the holders of the Debt Securities then outstanding (it being
understood, for purposes of this proviso, that transfer restrictions on Debt
Securities substantially similar to those applicable to Capital Securities shall
not be deemed to adversely affect the Securityholders);

     

    (d)           to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Debt Securities and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 6.10;

     

    (e)           to
make any change (other than as elsewhere provided in this paragraph) that does
not adversely affect the rights of any Securityholder in any material respect;
or

     

    (f)           to
provide for the issuance of and establish the form and terms and conditions of
the Debt Securities, to establish the form of any certifications required to be
furnished pursuant to the terms of this Indenture or the Debt Securities, or to
add to the rights of the Securityholders.

     

    The
Trustee is hereby authorized to join with the Company in the execution of any
such supplemental indenture, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be
obligated to, but may in its discretion, enter into any such supplemental
indenture which affects the Trustee's own rights, duties or immunities under
this Indenture or otherwise.

     

    Any
supplemental indenture authorized by the provisions of this Section 9.01 may be
executed by the Company and the Trustee without the consent of the
Securityholders at the time outstanding, notwithstanding any of the provisions
of Section 9.02.

     

    SECTION
9.02.  Supplemental Indentures with
Consent of Securityholders.

     

    With the
consent (evidenced as provided in Section 7.01) of the holders of not less than
a majority in aggregate principal amount of the Debt Securities at the time
outstanding affected by such supplemental indenture (voting as a class), the
Company, when authorized by a Board Resolution, and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act, then in
effect, applicable to indentures qualified thereunder) for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Securityholders; provided, however, that no such
supplemental indenture shall without such consent of the holders of each Debt
Security then outstanding and affected thereby (i) extend the Maturity Date of
any Debt Security, or reduce the principal amount thereof or any premium
thereon, or reduce

     

    
      
         

      

      
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    the rate
(or manner of calculation of the rate) or extend the time of payment of interest
thereon, or reduce (other than as a result of the maturity or earlier redemption
of any such Debt Security in accordance with the terms of this Indenture and
such Debt Security) or increase the aggregate principal amount of Debt
Securities then outstanding, or change any of the redemption provisions, or make
the principal thereof or any interest or premium thereon payable in any coin or
currency other than United States Dollars, or impair or affect the right of any
Securityholder to institute suit for payment thereof or impair the right of
repayment, if any, at the option of the Securityholder, or (ii) reduce the
aforesaid percentage of Debt Securities the holders of which are required to
consent to any such supplemental indenture; and provided, further, that if the
Debt Securities are held by the Trust or a trustee of such trust, such
supplemental indenture shall not be effective until the holders of a majority in
Liquidation Amount of the outstanding Capital Securities shall have consented to
such supplemental indenture; provided, further, that if the
consent of the Securityholder of each outstanding Debt Security is required,
such supplemental indenture shall not be effective until each holder of the
outstanding Capital Securities shall have consented to such supplemental
indenture.

     

    Upon the
request of the Company accompanied by a Board Resolution authorizing the
execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Securityholders (and holders of Capital
Securities, if required) as aforesaid, the Trustee shall join with the Company
in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee's own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such supplemental indenture.

     

    Promptly
after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall transmit by mail,
first class postage prepaid, a notice, prepared by the Company, setting forth in
general terms the substance of such supplemental indenture, to the
Securityholders as their names and addresses appear upon the Debt Security
Register. Any failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

     

    It shall
not be necessary for the consent of the Securityholders under this Section 9.02
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance
thereof.

     

    SECTION
9.03.  Effect of Supplemental
Indentures.

     

    Upon the
execution of any supplemental indenture pursuant to the provisions of this
Article IX, this Indenture shall be and be deemed to be modified and amended in
accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the
Company and the Securityholders shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments
and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

     

    
      
         

      

      
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    SECTION
9.04.  Notation on Debt
Securities.

     

    Debt
Securities authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article IX may bear a notation as
to any matter provided for in such supplemental indenture. If the Company or the
Trustee shall so determine, new Debt Securities so modified as to conform, in
the opinion of the Board of Directors of the Company, to any modification of
this Indenture contained in any such supplemental indenture may be prepared and
executed by the Company, authenticated by the Trustee or the Authenticating
Agent and delivered in exchange for the Debt Securities then
outstanding.

     

    SECTION
9.05.  Evidence of Compliance of
Supplemental Indenture to be furnished to Trustee.

     

    The
Trustee, subject to the provisions of Sections 6.01 and 6.02, shall, in addition
to the documents required by Section 14.06, receive an Officers' Certificate and
an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant hereto complies with the requirements of this Article IX. The
Trustee shall receive an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article IX is authorized or
permitted by, and conforms to, the terms of this Article IX and that it is
proper for the Trustee under the provisions of this Article IX to join in the
execution thereof.

     

    ARTICLE
X

     

    REDEMPTION
OF SECURITIES

     

    SECTION
10.01.  Optional
Redemption.

     

    At any
time the Company shall have the right, subject to the receipt by the Company of
prior approval from any regulatory authority with jurisdiction over the Company
if such approval is then required under applicable capital guidelines or
policies of such regulatory authority, to redeem the Debt Securities, in whole
or (provided that all accrued and unpaid interest has been paid on all Debt
Securities for all Interest Payment Periods terminating on or prior to such
date) from time to time in part, on any March 15, June 15, September 15 or
December 15 on or after June 15, 2013 (the "Redemption Date"), at the Redemption
Price.

     

    SECTION
10.02.  Special Event
Redemption.

     

    If a
Special Event shall occur and be continuing, the Company shall have the right,
subject to the receipt by the Company of prior approval from any regulatory
authority with jurisdiction over the Company if such approval is then required
under applicable capital guidelines or policies of such regulatory authority, to
redeem the Debt Securities, in whole or in part, at any time within 90 days
following the occurrence of such Special Event (the "Special Redemption Date"),
at the Special Redemption Price.

     

    
      
         

      

      
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    SECTION
10.03.  Notice of Redemption;
Selection of Debt Securities.

     

    In case
the Company shall desire to exercise the right to redeem all, or, as the case
may be, any part of the Debt Securities, it shall fix a date for redemption and
shall mail, or cause the Trustee to mail (at the expense of the Company) a
notice of such redemption at least 30 and not more than 60 days prior to the
date fixed for redemption to the Securityholders so to be redeemed as a whole or
in part at their last addresses as the same appear on the Debt Security
Register. Such mailing shall be by first class mail. The notice if mailed in the
manner herein provided shall be conclusively presumed to have been duly given,
whether or not the Securityholder receives such notice. In any case, failure to
give such notice by mail or any defect in the notice to the holder of any Debt
Security designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Debt
Security.

     

    Each such
notice of redemption shall specify the CUSIP number, if any, of the Debt
Securities to be redeemed, the date fixed for redemption, the redemption price
(or manner of calculation of the price) at which Debt Securities are to be
redeemed, the place or places of payment, that payment will be made upon
presentation and surrender of such Debt Securities, that interest accrued to the
date fixed for redemption will be paid as specified in said notice, and that on
and after said date interest thereon or on the portions thereof to be redeemed
will cease to accrue. If less than all the Debt Securities are to be redeemed
the notice of redemption shall specify the numbers of the Debt Securities to be
redeemed. In case the Debt Securities are to be redeemed in part only, the
notice of redemption shall state the portion of the principal amount thereof to
be redeemed and shall state that on and after the date fixed for redemption,
upon surrender of such Debt Security, a new Debt Security or Debt Securities in
principal amount equal to the unredeemed portion thereof will be
issued.

     

    Prior to
10:00 a.m. New York City time on the Redemption Date or the Special Redemption
Date specified in the notice of redemption given as provided in this Section,
the Company will deposit with the Trustee or with one or more Paying Agents an
amount of money sufficient to redeem on the redemption date all the Debt
Securities so called for redemption at the appropriate redemption price,
together with unpaid interest accrued to such date.

     

    The
Company will give the Trustee notice not less than 45 nor more than 60 days
prior to the Redemption Date as to the Redemption Price at which the Debt
Securities are to be redeemed and the aggregate principal amount of Debt
Securities to be redeemed and the Trustee shall select, in such manner as in its
sole discretion it shall deem appropriate and fair, the Debt Securities or
portions thereof (in integral multiples of $1,000) to be redeemed.

     

    SECTION
10.04.  Payment of Debt Securities
Called for Redemption.

     

    If notice
of redemption has been given as provided in Section 10.03, the Debt Securities
or portions of Debt Securities with respect to which such notice has been given
shall become due and payable on the Redemption Date or the Special Redemption
Date (as the case may be) and at the place or places stated in such notice at
the applicable redemption price, together with interest accrued to the date
fixed for redemption, and on and after said Redemption Date or the Special
Redemption Date (unless the Company shall default in the payment of such Debt
Securities at the redemption price, together with unpaid interest accrued
thereon to said

     

    
      
         

      

      
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    date)
interest on the Debt Securities or portions of Debt Securities so called for
redemption shall cease to accrue. On presentation and surrender of such Debt
Securities at a place of payment specified in said notice, such Debt Securities
or the specified portions thereof shall be paid and redeemed by the Company at
the applicable redemption price, together with unpaid interest accrued thereon
to the Redemption Date or the Special Redemption Date (as the case may
be).

     

    Upon
presentation of any Debt Security redeemed in part only, the Company shall
execute and the Trustee shall authenticate and make available for delivery to
the holder thereof, at the expense of the Company, a new Debt Security or Debt
Securities of authorized denominations in principal amount equal to the
unredeemed portion of the Debt Security so presented.

     

    ARTICLE
XI

     

    CONSOLIDATION,
MERGER, SALE, CONVEYANCE AND LEASE

     

    SECTION
11.01.  Company May Consolidate,
etc., on Certain Terms.

     

    Nothing
contained in this Indenture or in the Debt Securities shall prevent any
consolidation or merger of the Company with or into any other corporation or
corporations (whether or not affiliated with the Company) or successive
consolidations or mergers in which the Company or its successor or successors
shall be a party or parties, or shall prevent any sale, conveyance, transfer or
other disposition of all or substantially all of the property or capital stock
of the Company or its successor or successors, to any other corporation (whether
or not affiliated with the Company, or its successor or successors) authorized
to acquire and operate the same; provided, however, that the
Company hereby covenants and agrees that, (i) upon any such consolidation,
merger (where the Company is not the surviving corporation), sale, conveyance,
transfer or other disposition, the successor entity shall be a corporation
organized and existing under the laws of the United States or any state thereof
or the District of Columbia (unless such corporation has (1) agreed to make all
payments due in respect of the Debt Securities or, if outstanding, the Capital
Securities and Capital Securities Guarantee without withholding or deduction
for, or on account of, any taxes, duties, assessments or other governmental
charges under the laws or regulations of the jurisdiction of organization or
residence (for tax purposes) of such corporation or any political subdivision or
taxing authority thereof or therein unless required by applicable law, in which
case such corporation shall have agreed to pay such additional amounts as shall
be required so that the net amounts received and retained by the Securityholders
or holders of Capital Securities, as the case may be, after payment of all taxes
(including withholding taxes), duties, assessments or other governmental
charges, will be equal to the amounts that such Securityholders or holders of
Capital Securities would have received and retained had no such taxes (including
withholding taxes), duties, assessments or other governmental charges been
imposed, (2) irrevocably and unconditionally consented and submitted to the
jurisdiction of any United States federal court or New York state court, in each
case located in The City of New York, Borough of Manhattan, in respect of any
action, suit or proceeding against it arising out of or in connection with this
Indenture, the Debt Securities, the Capital Securities Guarantee or the
Declaration and irrevocably and unconditionally waived, to the fullest extent
permitted by law, any objection to the laying of venue in any such court or
that

     

    
      
         

      

      
        -53-

        
          

        

      

      
         

      

    

    any such
action, suit or proceeding has been brought in an inconvenient forum and (3)
irrevocably appointed an agent in The City of New York for service of process in
any action, suit or proceeding referred to in clause (2) above) and such
corporation expressly assumes all of the obligations of the Company under the
Debt Securities, this Indenture, the Capital Securities Guarantee and the
Declaration and (ii) after giving effect to any such consolidation, merger,
sale, conveyance, transfer or other disposition, no Default or Event of Default
shall have occurred and be continuing.

     

    SECTION
11.02.  Successor Entity to be
Substituted.

     

    In case
of any such consolidation, merger, sale, conveyance, transfer or other
disposition contemplated in Section 11.01 and upon the assumption by the
successor entity, by supplemental indenture, executed and delivered to the
Trustee and reasonably satisfactory in form to the Trustee, of the due and
punctual payment of the principal of and premium, if any, and interest on all of
the Debt Securities and the due and punctual performance and observance of all
of the covenants and conditions of this Indenture to be performed or observed by
the Company, such successor entity shall succeed to and be substituted for the
Company, with the same effect as if it had been named herein as the Company, and
thereupon the predecessor entity shall be relieved of any further liability or
obligation hereunder or upon the Debt Securities. Such successor entity
thereupon may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Debt Securities issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the
Trustee or the Authenticating Agent; and, upon the order of such successor
entity instead of the Company and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee or the Authenticating
Agent shall authenticate and deliver any Debt Securities which previously shall
have been signed and delivered by the officers of the Company, to the Trustee or
the Authenticating Agent for authentication, and any Debt Securities which such
successor entity thereafter shall cause to be signed and delivered to the
Trustee or the Authenticating Agent for that purpose. All the Debt Securities so
issued shall in all respects have the same legal rank and benefit under this
Indenture as the Debt Securities theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Debt Securities had been
issued at the date of the execution hereof.

     

    SECTION
11.03.  Opinion of Counsel to be
Given to Trustee.

     

    The
Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive, in
addition to the Opinion of Counsel required by Section 9.05, an Opinion of
Counsel as conclusive evidence that any consolidation, merger, sale, conveyance,
transfer or other disposition, and any assumption, permitted or required by the
terms of this Article XI complies with the provisions of this Article
XI.

     

    
      
         

      

      
        -54-

        
          

        

      

      
         

      

    

    

    ARTICLE
XII

     

    SATISFACTION
AND DISCHARGE OF INDENTURE

     

    SECTION
12.01.  Discharge of
Indenture.

     

    When (a)
the Company shall deliver to the Trustee for cancellation all Debt Securities
theretofore authenticated (other than any Debt Securities which shall have been
destroyed, lost or stolen and which shall have been replaced or paid as provided
in Section 2.06) and not theretofore canceled, or (b) all the Debt Securities
not theretofore canceled or delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within
one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the
Company shall deposit with the Trustee, in trust, funds, which shall be
immediately due and payable, sufficient to pay at maturity or upon redemption
all of the Debt Securities (other than any Debt Securities which shall have been
destroyed, lost or stolen and which shall have been replaced or paid as provided
in Section 2.06) not theretofore canceled or delivered to the Trustee for
cancellation, including principal and premium, if any, and interest due or to
become due to such date of maturity or redemption date, as the case may be, but
excluding, however, the amount of any moneys for the payment of principal of,
and premium, if any, or interest on the Debt Securities (1) theretofore repaid
to the Company in accordance with the provisions of Section 12.04, or (2) paid
to any state or to the District of Columbia pursuant to its unclaimed property
or similar laws, and if in the case of either clause (a) or clause (b) the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then this Indenture shall cease to be of further effect except for
the provisions of Sections 2.05, 2.06, 3.01, 3.02, 3.04, 6.06, 6.09 and 12.04
hereof, which shall survive until such Debt Securities shall mature or are
redeemed, as the case may be, and are paid in full. Thereafter, Sections 6.06,
6.09 and 12.04 shall survive, and the Trustee, on demand of the Company
accompanied by an Officers' Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with, and at the cost and
expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture, the Company, however, hereby
agreeing to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Trustee in connection with this
Indenture or the Debt Securities.

     

    SECTION
12.02.  Deposited Moneys to be Held
in Trust by Trustee.

     

    Subject
to the provisions of Section 12.04, all moneys deposited with the Trustee
pursuant to Section 12.01 shall be held in trust and applied by it to the
payment, either directly or through any Paying Agent (including the Company if
acting as its own Paying Agent), to the holders of the particular Debt
Securities for the payment of which such moneys have been deposited with the
Trustee, of all sums due and to become due thereon for principal, and premium,
if any, and interest.

     

    
      
         

      

      
        -55-

        
          

        

      

      
         

      

    

    SECTION
12.03.  Paying Agent to Repay Moneys
Held.

     

    Upon the
satisfaction and discharge of this Indenture, all moneys then held by any Paying
Agent of the Debt Securities (other than the Trustee) shall, upon demand of the
Company, be repaid to the Company or paid to the Trustee, and thereupon such
Paying Agent shall be released from all further liability with respect to such
moneys.

     

    SECTION
12.04.  Return of Unclaimed
Moneys.

     

    Any
moneys deposited with or paid to the Trustee or any Paying Agent for payment of
the principal of, and premium, if any, or interest on Debt Securities and not
applied but remaining unclaimed by the Securityholders for two years after the
date upon which the principal of, and premium, if any, or interest on such Debt
Securities, as the case may be, shall have become due and payable, shall be
repaid to the Company by the Trustee or such Paying Agent on written demand; and
the holder of any of the Debt Securities shall thereafter look only to the
Company for any payment which such Securityholder may be entitled to collect and
all liability of the Trustee or such Paying Agent with respect to such moneys
shall thereupon cease.

     

    ARTICLE
XIII

     

    IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

     

    SECTION
13.01.  Indenture and Debt
Securities Solely Corporate Obligations.

     

    No
recourse for the payment of the principal of or premium, if any, or interest on
any Debt Security, or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture, or in any such
Debt Security, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer, director,
employee or agent, as such, past, present or future, of the Company or of any
predecessor or successor corporation of the Company, either directly or through
the Company or any successor corporation of the Company, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the Debt
Securities.

     

    ARTICLE
XIV

     

    MISCELLANEOUS
PROVISIONS

     

    SECTION
14.01.  Successors.

     

    All the
covenants, stipulations, promises and agreements of the Company contained in
this Indenture shall bind its successors and assigns whether so expressed or
not.

     

    
      
         

      

      
        -56-

        
          

        

      

      
         

      

    

    SECTION
14.02.  Official Acts by Successor
Entity.

     

    Any act
or proceeding by any provision of this Indenture authorized or required to be
done or performed by any board, committee or officer of the Company shall and
may be done and performed with like force and effect by the like board,
committee, officer or other authorized Person of any entity that shall at the
time be the lawful successor of the Company.

     

    SECTION
14.03.  Surrender of Company
Powers.

     

    The
Company by instrument in writing executed by authority of 2/3 (two-thirds) of
its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company hereunder and thereupon such power so surrendered
shall terminate both as to the Company and as to any permitted
successor.

     

    SECTION
14.04.  Addresses for Notices,
etc.

     

    Any
notice or demand which by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the Securityholders on the
Company may be given or served in writing by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed (until
another address is filed by the Company with the Trustee for such purpose) to
the Company at:

     

    
      	
              City
      Holding Company

            
	
              P.
      O. Box 7520

            
	
              25
      Gatewater Road

            
	
              Charleston,
      West Virginia 25356-0520

            
	
              Attention:  David
      L. Bumgarner

            

    

    

    Any
notice, direction, request or demand by any Securityholder or the Company to or
upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the office of Wells Fargo Bank,
National Association at:

     

    
      	
              919
      North Market Street

            
	
              Suite
      1600

            
	
              Wilmington,
      Delaware 19801

            
	
              Attention:
      Corporate Trust Division

            

    

    SECTION
14.05.  Governing
Law.

     

    This
Indenture and each Debt Security shall be deemed to be a contract made under the
law of the State of New York, and for all purposes shall be governed by and
construed in accordance with the law of said State, without regard to conflict
of laws principles of said State other than Section 5-1401 of the New York
General Obligations Law.

     

    SECTION
14.06.  Evidence of Compliance with
Conditions Precedent.

     

    Upon any
application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company shall furnish to the Trustee
an

     

    
      
         

      

      
        -57-

        
          

        

      

      
         

      

    

    Officers'
Certificate stating that in the opinion of the signers all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with (except that no
such Opinion of Counsel is required to be furnished to the Trustee in connection
with the authentication and issuance of Debt Securities issued on the date of
this Indenture).

     

    Each
certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in
this Indenture (except certificates delivered pursuant to Section 3.05) shall
include (a) a statement that the person making such certificate or opinion has
read such covenant or condition; (b) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; (c) a statement that, in the
opinion of such person, he or she has made such examination or investigation as
is necessary to enable him or her 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 such person, such condition or covenant has
been complied with.

     

    SECTION
14.07.  Non-Business
Days.

     

    Notwithstanding
anything to the contrary contained herein, if any Interest Payment Date, other
than on the Maturity Date, any Redemption Date or the Special Redemption Date,
falls on a day that is not a Business Day, then any interest payable will be
paid on, and such Interest Payment Date will be moved to, the next succeeding
Business Day, and additional interest will accrue for each day that such payment
is delayed as a result thereof.  If the Maturity Date, any Redemption
Date or the Special Redemption Date falls on a day that is not a Business Day,
then the principal, premium, if any, and/or interest payable on such date will
be paid on the next succeeding Business Day, and no additional interest will
accrue in respect of such payment made on such next succeeding Business Day
(except that, if such Business Day falls in the next calendar year, such payment
will be made on the immediately preceding Business Day).

     

    SECTION
14.08.  Table of Contents, Headings,
etc.

     

    The table
of contents and the titles and headings of the articles and sections of this
Indenture have been inserted for convenience of reference only, are not to be
considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

     

    SECTION
14.09.  Execution in
Counterparts.

     

    This
Indenture may be executed in any number of counterparts, each of which shall be
an original, but such counterparts shall together constitute but one and the
same instrument.

     

    SECTION
14.10.  Severability.

     

    In case
any one or more of the provisions contained in this Indenture or in the Debt
Securities shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this

     

    
      
         

      

      
        -58-

        
          

        

      

      
         

      

    

    Indenture
or of such Debt Securities, but this Indenture and such Debt Securities shall be
construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

     

    SECTION
14.11.  Assignment.

     

    Subject
to Article XI, the Company will have the right at all times to assign any of its
rights or obligations under this Indenture to a direct or indirect wholly owned
Subsidiary of the Company; provided, however,
that, in the event of any such assignment, the Company will remain liable for
all such obligations. Subject to the foregoing, this Indenture is binding upon
and inures to the benefit of the parties hereto and their respective successors
and assigns. This Indenture may not otherwise be assigned by the parties
thereto.

     

    SECTION
14.12.  Acknowledgment of
Rights.

     

    The
Company acknowledges that, with respect to any Debt Securities held by the Trust
or the Institutional Trustee of the Trust, if the Institutional Trustee of the
Trust fails to enforce its rights under this Indenture as the Securityholder
held as the assets of the Trust after the holders of a majority in Liquidation
Amount of the Capital Securities of the Trust have so directed in writing such
Institutional Trustee, a holder of record of such Capital Securities may to the
fullest extent permitted by law institute legal proceedings directly against the
Company to enforce such Institutional Trustee's rights under this Indenture
without first instituting any legal proceedings against such Institutional
Trustee or any other Person. Notwithstanding the foregoing, if an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Company to pay interest (or premium, if any) or principal on the
Debt Securities on the date such interest (or premium, if any) or principal is
otherwise due and payable (or in the case of redemption, on the redemption
date), the Company acknowledges that a holder of record of Capital Securities of
the Trust may directly institute a proceeding against the Company for
enforcement of payment to such holder directly of the principal of (or premium,
if any) or interest on the Debt Securities having an aggregate principal amount
equal to the aggregate Liquidation Amount of the Capital Securities of such
holder on or after the respective due date specified in the Debt
Securities.

     

    ARTICLE
XV

     

    SUBORDINATION
OF DEBT SECURITIES

     

    SECTION
15.01.  Agreement to
Subordinate.

     

    The
Company covenants and agrees, and each holder of Debt Securities issued
hereunder and under any supplemental indenture (the "Additional Provisions") by
such Securityholder's acceptance thereof likewise covenants and agrees, that all
Debt Securities shall be issued subject to the provisions of this Article XV;
and each Securityholder, whether upon original issue or upon transfer or
assignment thereof, accepts and agrees to be bound by such
provisions.

     

    The
payment by the Company of the payments due on all Debt Securities issued
hereunder and under any Additional Provisions shall, to the extent and in the
manner hereinafter

     

    
      
         

      

      
        -59-

        
          

        

      

      
         

      

    

    set
forth, be subordinated and junior in right of payment to the prior payment in
full of all Senior Indebtedness of the Company, whether outstanding at the date
of this Indenture or thereafter incurred.

     

    No
provision of this Article XV shall prevent the occurrence of any Default or
Event of Default hereunder.

     

    SECTION
15.02.  Default on Senior
Indebtedness.

     

    In the
event and during the continuation of any default by the Company in the payment
of principal, premium, interest or any other payment due on any Senior
Indebtedness of the Company following any applicable grace period, or in the
event that the maturity of any Senior Indebtedness of the Company has been
accelerated because of a default, and such acceleration has not been rescinded
or canceled and such Senior Indebtedness has not been paid in full, then, in
either case, no payment shall be made by the Company with respect to the
payments due on the Debt Securities.

     

    In the
event that, notwithstanding the foregoing, any payment shall be received by the
Trustee when such payment is prohibited by the preceding paragraph of this
Section 15.02, such payment shall, subject to Section 15.06, be held in trust
for the benefit of, and shall be paid over or delivered to, the holders of
Senior Indebtedness or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior Indebtedness
may have been issued, as their respective interests may appear, but only to the
extent that the holders of the Senior Indebtedness (or their representative or
representatives or a trustee) notify the Trustee in writing within 90 days of
such payment of the amounts then due and owing on the Senior Indebtedness and
only the amounts specified in such notice to the Trustee shall be paid to the
holders of Senior Indebtedness.

     

    SECTION
15.03.  Liquidation; Dissolution;
Bankruptcy.

     

    Upon any
payment by the Company or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any
dissolution or winding-up or liquidation or reorganization of the Company,
whether voluntary or involuntary or in bankruptcy, insolvency, receivership or
other proceedings, all amounts due upon all Senior Indebtedness of the Company
shall first be paid in full, or payment thereof provided for in money in
accordance with its terms, before any payment is made by the Company on the Debt
Securities; and upon any such dissolution or winding-up or liquidation or
reorganization, any payment by the Company, or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
which the Securityholders or the Trustee would be entitled to receive from the
Company, except for the provisions of this Article XV, shall be paid by the
Company, or by any receiver, trustee in bankruptcy, liquidating trustee, agent
or other Person making such payment or distribution, or by the Securityholders
or by the Trustee under this Indenture if received by them or it, directly to
the holders of Senior Indebtedness of the Company (pro rata to such holders on
the basis of the respective amounts of Senior Indebtedness held by such holders,
as calculated by the Company) or their representative or representatives, or to
the trustee or trustees under any indenture pursuant to which any instruments
evidencing such Senior Indebtedness may have been issued, as their respective
interests may appear, to the extent

     

    
      
         

      

      
        -60-

        
          

        

      

      
         

      

    

    necessary
to pay such Senior Indebtedness in full, in money or money's worth, after giving
effect to any concurrent payment or distribution to or for the holders of such
Senior Indebtedness, before any payment or distribution is made to the
Securityholders.

     

    In the
event that, notwithstanding the foregoing, any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or
securities, prohibited by the foregoing, shall be received by the Trustee before
all Senior Indebtedness of the Company is paid in full, or provision is made for
such payment in money in accordance with its terms, such payment or distribution
shall be held in trust for the benefit of and shall be paid over or delivered to
the holders of such Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any instruments evidencing such Senior Indebtedness may have been issued,
as their respective interests may appear, as calculated by the Company, for
application to the payment of all Senior Indebtedness of the Company remaining
unpaid to the extent necessary to pay such Senior Indebtedness in full in money
in accordance with its terms, after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of such Senior
Indebtedness.

     

    For
purposes of this Article XV, the words "cash, property or securities" shall not
be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this Article XV with respect to
the Debt Securities to the payment of all Senior Indebtedness of the Company,
that may at the time be outstanding, provided, that (a)
such Senior Indebtedness is assumed by the new corporation, if any, resulting
from any such reorganization or readjustment, and (b) the rights of the holders
of such Senior Indebtedness are not, without the consent of such holders,
altered by such reorganization or readjustment. The consolidation of the Company
with, or the merger of the Company into, another corporation or the liquidation
or dissolution of the Company following the conveyance or transfer or other
disposition of its property as an entirety, or substantially as an entirety, to
another corporation upon the terms and conditions provided for in Article XI of
this Indenture shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 15.03 if such other corporation
shall, as a part of such consolidation, merger, conveyance or transfer, comply
with the conditions stated in Article XI of this Indenture. Nothing in Section
15.02 or in this Section 15.03 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.06 of this Indenture.

     

    SECTION
15.04.  Subrogation.

     

    Subject
to the payment in full of all Senior Indebtedness of the Company, the
Securityholders shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments or distributions of cash, property or
securities of the Company applicable to such Senior Indebtedness until all
payments due on the Debt Securities shall be paid in full; and, for the purposes
of such subrogation, no payments or distributions to the holders of such Senior
Indebtedness of any cash, property or securities to which the Securityholders or
the Trustee would be entitled except for the provisions of this Article XV, and
no payment over pursuant to the provisions of this Article XV to or for the
benefit of the holders of such Senior Indebtedness by Securityholders or the
Trustee, shall, as between the Company, its creditors other than holders of
Senior Indebtedness of the Company, and the Securityholders be deemed to be a
payment or

     

    
      
         

      

      
        -61-

        
          

        

      

      
         

      

    

    distribution
by the Company to or on account of such Senior Indebtedness. It is understood
that the provisions of this Article XV are and are intended solely for the
purposes of defining the relative rights of the Securityholders, on the one
hand, and the holders of such Senior Indebtedness, on the other
hand.

     

    Nothing
contained in this Article XV or elsewhere in this Indenture, any Additional
Provisions or in the Debt Securities is intended to or shall impair, as between
the Company, its creditors other than the holders of Senior Indebtedness of the
Company, and the Securityholders, the obligation of the Company, which is
absolute and unconditional, to pay to the Securityholders all payments on the
Debt Securities as and when the same shall become due and payable in accordance
with their terms, or is intended to or shall affect the relative rights of the
Securityholders and creditors of the Company, other than the holders of Senior
Indebtedness of the Company, nor shall anything herein or therein prevent the
Trustee or the holder of any Debt Security from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article XV of the holders of such Senior
Indebtedness in respect of cash, property or securities of the Company received
upon the exercise of any such remedy.

     

    Upon any
payment or distribution of assets of the Company referred to in this Article XV,
the Trustee, subject to the provisions of Article VI of this Indenture, and the
Securityholders shall be entitled to conclusively rely upon any order or decree
made by any court of competent jurisdiction in which such dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a
certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent
or other Person making such payment or distribution, delivered to the Trustee or
to the Securityholders, for the purposes of ascertaining the Persons entitled to
participate in such distribution, the holders of Senior Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or
to this Article XV.

     

    SECTION
15.05.  Trustee to Effectuate
Subordination.

     

    Each
Securityholder by such Securityholder's acceptance thereof authorizes and
directs the Trustee on such Securityholder's behalf to take such action as may
be necessary or appropriate to effectuate the subordination provided in this
Article XV and appoints the Trustee such Securityholder's attorney-in-fact for
any and all such purposes.

     

    SECTION
15.06.  Notice by the
Company.

     

    The
Company shall give prompt written notice to a Responsible Officer of the Trustee
at the Principal Office of the Trustee of any fact known to the Company that
would prohibit the making of any payment of moneys to or by the Trustee in
respect of the Debt Securities pursuant to the provisions of this Article XV.
Notwithstanding the provisions of this Article XV or any other provision of this
Indenture or any Additional Provisions, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment of moneys to or by the Trustee in respect of the Debt Securities
pursuant to the provisions of this Article XV, unless and until a Responsible
Officer of the Trustee at the Principal Office of the Trustee shall have
received written notice thereof from the Company or a

     

    
      
         

      

      
        -62-

        
          

        

      

      
         

      

    

    holder or
holders of Senior Indebtedness or from any trustee therefor; and before the
receipt of any such written notice, the Trustee, subject to the provisions of
Article VI of this Indenture, shall be entitled in all respects to assume that
no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 15.06 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest on any Debt
Security), then, anything herein contained to the contrary notwithstanding, the
Trustee shall have full power and authority to receive such money and to apply
the same to the purposes for which they were received, and shall not be affected
by any notice to the contrary that may be received by it within two Business
Days prior to such date.

     

    The
Trustee, subject to the provisions of Article VI of this Indenture, shall be
entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself or herself to be a holder of Senior Indebtedness of
the Company (or a trustee or representative on behalf of such holder) to
establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee or representative on behalf of any such holder or
holders. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of such
Senior Indebtedness to participate in any payment or distribution pursuant to
this Article XV, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior
Indebtedness held by such Person, the extent to which such Person is entitled to
participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this Article XV, and, if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such
payment.

     

    SECTION
15.07.  Rights of the Trustee,
Holders of Senior Indebtedness.

     

    The
Trustee in its individual capacity shall be entitled to all the rights set forth
in this Article XV in respect of any Senior Indebtedness at any time held by it,
to the same extent as any other holder of Senior Indebtedness, and nothing in
this Indenture or any Additional Provisions shall deprive the Trustee of any of
its rights as such holder.

     

    With
respect to the holders of Senior Indebtedness of the Company, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article XV, and no implied covenants or
obligations with respect to the holders of such Senior Indebtedness shall be
read into this Indenture or any Additional Provisions against the Trustee. The
Trustee shall not owe or be deemed to owe any fiduciary duty to the holders of
such Senior Indebtedness and, subject to the provisions of Article VI of this
Indenture, the Trustee shall not be liable to any holder of such Senior
Indebtedness if it shall pay over or deliver to Securityholders, the Company or
any other Person money or assets to which any holder of such Senior Indebtedness
shall be entitled by virtue of this Article XV or otherwise.

     

    Nothing
in this Article XV shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 6.06.

     

    
      
         

      

      
        -63-

        
          

        

      

      
         

      

    

    SECTION
15.08.  Subordination May Not Be
Impaired.

     

    No right
of any present or future holder of any Senior Indebtedness of the Company to
enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company,
or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company, with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such holder may have or
otherwise be charged with.

     

    Without
in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness of the Company may, at any time and from time to time,
without the consent of or notice to the Trustee or the Securityholders, without
incurring responsibility to the Securityholders and without impairing or
releasing the subordination provided in this Article XV or the obligations
hereunder of the Securityholders to the holders of such Senior Indebtedness, do
any one or more of the following: (a) change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, such Senior
Indebtedness, or otherwise amend or supplement in any manner such Senior
Indebtedness or any instrument evidencing the same or any agreement under which
such Senior Indebtedness is outstanding; (b) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing such
Senior Indebtedness; (c) release any Person liable in any manner for the
collection of such Senior Indebtedness; and (d) exercise or refrain from
exercising any rights against the Company, and any other Person.

     

    Wells
Fargo Bank, National Association, in its capacity as Trustee, hereby accepts the
trusts in this Indenture declared and provided, upon the terms and conditions
herein above set forth.

     

    
      
         

      

      
        -64-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed by their respective officers thereunto duly authorized, as of the day
and year first above written.

        

                City Holding
Company

    

    

    

    
      	
              By:

            	
              /s/
      Charles R. Hageboeck

            
	
              Name:

            	
              Charles
      R. Hageboeck

            
	
              Title:

            	
              President
      & Chief Executive Officer

            

    

    

    

                Wells Fargo Bank,
National Association, as Trustee

    

    

    
      	
              By:

            	
              /s/
      Amy J. Martin

            
	
              Name:

            	
              Amy
      J. Martin

            
	
              Title:

            	
              Vice
      President

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

     

    FORM
OF JUNIOR SUBORDINATED DEBT SECURITY

     

    DUE
2038

     

    [FORM OF FACE OF
SECURITY]

     

    THIS
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 LAWS. NEITHER THIS 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, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL
OR OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON THE HOLDER
REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (C) TO A “NON U.S. PERSON” IN AN “OFFSHORE TRANSACTION”
PURSUANT TO REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT TO AN "ACCREDITED
INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT,
OR FOR THE ACCOUNT OF SUCH AN "ACCREDITED INVESTOR," FOR INVESTMENT PURPOSES AND
NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION SATISFACTORY TO IT IN ACCORDANCE WITH THE INDENTURE, A
COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY. THE HOLDER OF THIS SECURITY BY
ITS ACCEPTANCE HEREOF AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

     

    THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, REPRESENTS AND WARRANTS
THAT IT WILL NOT ENGAGE IN HEDGING TRANSACTIONS INVOLVING THIS SECURITY UNLESS
SUCH TRANSACTIONS ARE IN COMPLIANCE WITH THE SECURITIES ACT OR AN APPLICABLE
EXEMPTION THEREFROM.

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    THE
HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND
WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR
OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (EACH A "PLAN"), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S INVESTMENT
IN THE ENTITY AND NO PERSON INVESTING "PLAN ASSETS" OF ANY PLAN MAY ACQUIRE OR
HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS
ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR
PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO
SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY
INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF
SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS
APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT
PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE
BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT
RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION.

     

    IN
CONNECTION WITH ANY TRANSFER, THE HOLDER OF THIS SECURITY WILL DELIVER TO THE
COMPANY AND THE TRUSTEE SUCH CERTIFICATES AND OTHER INFORMATION AS MAY BE
REQUIRED BY THE INDENTURE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.

     

    THIS
SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A PRINCIPAL
AMOUNT OF NOT LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY
ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING A PRINCIPAL AMOUNT OF LESS
THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY
SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY
FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON
THIS SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN THIS SECURITY.

     

    THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY
AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION (THE "FDIC"). THIS OBLIGATION IS SUBORDINATED TO THE CLAIMS OF
DEPOSITORS AND THE

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    CLAIMS OF
GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR A
LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS NOT SECURED.

     

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    Form of
Junior Subordinated Debt Security due 2038

     

    of

     

    City
Holding Company

     

    City
Holding Company, a bank holding company incorporated in West Virginia (the
"Company"), for value received promises to pay to Wells Fargo Bank, National
Association, not in its individual capacity but solely as Institutional Trustee
for City Holding Capital Trust III, a Delaware statutory trust (the
"Securityholder"), or registered assigns, the principal sum of Sixteen Million
Four Hundred Ninety Five Thousand Dollars ($16,495,000) on June 15, 2038 and to
pay interest on said principal sum from March 27, 2008, or from the most recent
interest payment date (each such date, an "Interest Payment Date") to which
interest has been paid or duly provided for, quarterly (subject to deferral as
set forth herein) in arrears on March 15, June 15, September 15 and December 15
of each year commencing June 15, 2008, at a variable per annum rate equal to
LIBOR (as defined in the Indenture) plus 3.5% (the "Interest Rate") (provided,
however, that the Interest Rate for any Interest Payment Period may not exceed
the highest rate permitted by New York law, as the same may be modified by
United States law of general applicability) until the principal hereof shall
have become due and payable, and on any overdue principal and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at an annual rate equal
to the Interest Rate in effect for each such Extension Period compounded
quarterly. The amount of interest payable on any Interest Payment Date shall be
computed on the basis of a 360-day year and the actual number of days elapsed in
the relevant interest period.  Notwithstanding anything to the
contrary contained herein, if any Interest Payment Date, other than on the
Maturity Date, any Redemption Date (to the extent redeemed) or the Special
Redemption Date, falls on a day that is not a Business Day, then any interest
payable will be paid on, and such Interest Payment Date will be moved to, the
next succeeding Business Day, and additional interest will accrue for each day
that such payment is delayed as a result thereof.  If the Maturity
Date, any Redemption Date or the Special Redemption Date falls on a day that is
not a Business Day, then the principal, premium, if any, and/or interest payable
on such date will be paid on the next succeeding Business Day, and no additional
interest will accrue (except that, if such Business Day falls in the next
calendar year, such payment will be made on the immediately preceding Business
Day).  The interest installment so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Debt Security (or one or
more Predecessor Securities, as defined in said Indenture) is registered at the
close of business on the regular record date for such interest installment,
except that interest and any Deferred Interest payable on the Maturity Date
shall be paid to the Person to whom principal is paid. Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Securityholders on such regular record date and may be
paid to the Person in whose name this Debt Security (or one or more Predecessor
Debt Securities) is registered at the close of business on a special record date
to be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the registered Securityholders not less than 10 days
prior to such special record date, all as more fully provided in the Indenture.
The principal of and interest on this Debt Security shall be payable at the
office or agency of the Trustee (or other Paying Agent appointed by the Company)
maintained for that purpose in any coin or currency of the United States of
America

     

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

    that at
the time of payment is legal tender for payment of public and private debts;
provided, however, that payment
of interest may be made at the option of the Company by check mailed to the
registered Securityholder at such address as shall appear in the Debt Security
Register or by wire transfer of immediately available funds to an account
appropriately designated by the holder hereof. Notwithstanding the foregoing, so
long as the holder of this Debt Security is the Institutional Trustee, the
payment of the principal of and premium, if any, and interest on this Debt
Security shall be made in immediately available funds when due at such place and
to such account as may be designated by the Institutional
Trustee.  All payments in respect of this Debt Security shall be
payable in any coin or currency of the United States of America that at the time
of payment is legal tender for payment of public and private debts.

     

    Upon
submission of Notice (as defined in the Indenture) and so long as no Event of
Default pursuant to paragraphs (c), (e), (f) or (g) of Section 5.01 of the
Indenture has occurred and is continuing, the Company shall have the right under
the Indenture, from time to time and without causing an Event of Default, to
defer payments of interest on the Debt Securities by extending the interest
distribution period on the Debt Securities at any time and from time to time
during the term of the Debt Securities, for up to 20 consecutive quarterly
periods (each such extended interest distribution period, an "Extension
Period"), during which Extension Period no interest shall be due and payable
(except any Additional Interest that may be due and payable). During any
Extension Period, interest will continue to accrue on the Debt Securities, and
interest on such accrued interest (such accrued interest and interest thereon
referred to herein as "Deferred Interest") will accrue at an annual rate equal
to the Interest Rate applicable during such Extension Period, compounded
quarterly from the date such Deferred Interest would have been payable were it
not for the Extension Period, to the extent permitted by law. No Extension
Period may end on a date other than an Interest Payment Date. At the end of any
such Extension Period the Company shall pay all Deferred Interest then accrued
and unpaid on the Debt Securities; provided, however, that no
Extension Period may extend beyond the Maturity Date, Redemption Date (to the
extent redeemed) or Special Redemption Date; and provided, further, however,
during any such Extension Period, the Company may not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company's capital stock or (ii)
make any payment of principal of or premium, if any, or interest on or repay,
repurchase or redeem any debt securities of the Company that rank pari passu in all respects
with or junior in interest to the Debt Securities or (iii) make any payment
under any guarantees of the Company that rank in all respects pari passu with or junior in
respect to the Capital Securities Guarantee (other than (a) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company (A)
in connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of one or more employees, officers,
directors or consultants, (B) in connection with a dividend reinvestment or
stockholder stock purchase plan or (C) in connection with the issuance of
capital stock of the Company (or securities convertible into or exercisable for
such capital stock), as consideration in an acquisition transaction entered into
prior to the applicable Extension Period, (b) as a result of any exchange,
reclassification, combination or conversion of any class or series of the
Company's capital stock (or any capital stock of a subsidiary of the Company)
for any class or series of the Company's capital stock or of any class or series
of the Company's indebtedness for any class or series of the Company's capital
stock, (c) the purchase of fractional interests in shares of the Company's
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, (d) any declaration of a
dividend in

     

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

    connection
with any stockholder's rights plan, or the issuance of rights, stock or other
property under any stockholder's rights plan, or the redemption or repurchase of
rights pursuant thereto, or (e) any dividend in the form of stock, warrants,
options or other rights where the dividend stock or the stock issuable upon
exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to
such stock). Prior to the termination of any Extension Period, the Company may
further extend such period, provided, that such
period together with all such previous and further consecutive extensions
thereof shall not exceed 20 consecutive quarterly periods, or extend beyond the
Maturity Date, Redemption Date (to the extent redeemed) or Special Redemption
Date. Upon the termination of any Extension Period and upon the payment of all
Deferred Interest, the Company may commence a new Extension Period, subject to
the foregoing requirements. No interest or Deferred Interest shall be due and
payable during an Extension Period, except at the end thereof, but Deferred
Interest shall accrue upon each installment of interest that would otherwise
have been due and payable during such Extension Period until such installment is
paid. The Company must give the Trustee notice of its election to begin or
extend an Extension Period ("Notice") not later than the related regular record
date for the relevant Interest Payment Date. The Notice shall describe, in
reasonable detail, why the Company has elected to begin an Extension
Period.  The Notice shall acknowledge and affirm the Company's
understanding that it is prohibited from issuing dividends and other
distributions during the Extension Period.  Upon receipt of the
Notice, an Initial Purchaser shall have the right, at its sole discretion, to
disclose the name of the Company, the fact that the Company has elected to begin
an Extension Period and other information that such Initial Purchaser, at its
sole discretion, deems relevant to the Company's election to begin an Extension
Period.  The Trustee shall give notice of the Company's election to
begin a new Extension Period to the Securityholders.

     

    The
indebtedness evidenced by this Debt Security is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Indebtedness, and this Debt Security is issued subject to the
provisions of the Indenture with respect thereto. Each holder of this Debt
Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on such Securityholder's
behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination so provided and (c) appoints the Trustee such
Securityholder's attorney-in-fact for any and all such purposes. Each holder
hereof, by such holder's acceptance hereof, hereby waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture
by each holder of Senior Indebtedness, whether now outstanding or hereafter
incurred, and waives reliance by each such Securityholder upon said
provisions.

     

    The
Company waives diligence, presentment, demand for payment, notice of nonpayment,
notice of protest, and all other demands and notices.

     

    This Debt
Security shall not be entitled to any benefit under the Indenture hereinafter
referred to and shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by or on behalf
of the Trustee.

     

    The
provisions of this Debt Security are continued on the reverse side hereof and
such continued provisions shall for all purposes have the same effect as though
fully set forth at this place.

     

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has duly executed this certificate.

     

                City Holding
Company

    

    

    

    
      	
              By:

            	 
      
	
              Name:

            	 
      
	
              Title:

            	 
      

    

    

    Dated:__________________,
2008

     

    CERTIFICATE OF
AUTHENTICATION

     

    This is
one of the Debt Securities referred to in the within-mentioned
Indenture.

     

    Wells
Fargo Bank, National Association, not in its individual capacity but solely as
the Trustee

    

    

    

    
      	
              By:

            	 
      
	
              Authorized
      Officer

            

    

    

    Dated:__________________,
2008

     

    
      
         

      

      
        A-7

        
          

        

      

      
         

      

    

    [FORM OF
REVERSE OF SECURITY]

     

    This Debt
Security is one of a duly authorized series of Debt Securities of the Company,
all issued or to be issued pursuant to an Indenture (the "Indenture"), dated as
of March 27, 2008, duly executed and delivered between the Company and Wells
Fargo Bank, National Association, as Trustee (the "Trustee"), to which Indenture
and all indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the holders of the Debt
Securities (referred to herein as the "Debt Securities") of which this Debt
Security is a part. The summary of the terms of this Debt Security contained
herein does not purport to be complete and is qualified by reference to the
Indenture.

     

    Upon the
occurrence and continuation of a Tax Event, an Investment Company Event or a
Capital Treatment Event (each a "Special Event"), this Debt Security may become
due and payable, in whole or in part, at any time, within 90 days following the
occurrence of such Tax Event, Investment Company Event or Capital Treatment
Event (the "Special Redemption Date"), as the case may be, at the Special
Redemption Price.  In the event that the Special Redemption Date falls
on a day prior to the LIBOR Determination Date for any Interest Payment Period,
then the Company shall be required to pay to Securityholders, on the Business
Day following such LIBOR Determination Date, any additional amount of interest
that would have been payable on the Special Redemption Date had the amount of
interest determined on such LIBOR Determination Date been known on the first day
of such Interest Payment Period.  The Company shall also have the
right to redeem this Debt Security at the option of the Company, in whole or in
part, on any March 15, June 15, September 15 or December 15 on or after June 15,
2013 (a "Redemption Date"), at the Redemption Price.

     

    Any
redemption pursuant to the preceding paragraph will be made, subject to the
receipt by the Company of prior approval from any regulatory authority with
jurisdiction over the Company if such approval is then required under applicable
capital guidelines or policies of such regulatory authority, upon not less than
30 days' nor more than 60 days' notice. If the Debt Securities are only
partially redeemed by the Company, the Debt Securities will be redeemed pro rata or by lot or
by any other method utilized by the Trustee.

     

    "Redemption
Price" means 100% of the principal amount of the Debt Securities being redeemed
plus accrued and unpaid interest on such Debt Securities to the Redemption Date
or, in the case of a redemption due to the occurrence of a Special Event, to the
Special Redemption Date if such Special Redemption Date is on or after June 15,
2013.

     

    "Special
Redemption Price" means, with respect to the redemption of any Debt Security
following a Special Event, an amount in cash equal to 103.525% of the principal
amount of Debt Securities to be redeemed prior to June 15, 2009 and thereafter
equal to the percentage of the principal amount of the Debt Securities that is
specified below for the Special Redemption Date plus, in each case, unpaid
interest accrued thereon to the Special Redemption Date:

     

    
      
         

      

      
        A-8

        
          

        

      

      
         

      

    

    

     

    
      	
              Special Redemption During the

              12-Month Period Beginning June
      15

            	
              Percentage of Principal
    Amount

            
	 
      	 
      
	
              2009

            	
              102.820%

            
	
              2010

            	
              102.115%

            
	
              2011

            	
              101.410%

            
	
              2012

            	
              100.705%

            
	
              2013
      and thereafter

            	
              100.000%

            

    

    

    In the
event of redemption of this Debt Security in part only, a new Debt Security or
Debt Securities for the unredeemed portion hereof will be issued in the name of
the Securityholder hereof upon the cancellation hereof.

     

    Upon the
occurrence of an Event of Default pursuant to paragraphs (c), (e), (f) or (g),
of Section 5.01 of the Indenture, the principal of all of the Debt Securities
may be declared, and in certain cases shall ipso facto become, due and
payable, and upon such acceleration shall become due and payable, in the manner,
with the effect and subject to the conditions provided in the
Indenture.

     

    The
Indenture contains provisions permitting the Company and the Trustee, with the
consent of the holders of not less than a majority in aggregate principal amount
of the Debt Securities at the time outstanding affected thereby, as specified in
the Indenture, to execute supplemental indentures for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Indenture or of any supplemental indenture or of modifying in any manner the
rights of the Securityholders; provided, however, that no such
supplemental indenture shall, among other things, without the consent of the
holders of each Debt Security then outstanding and affected thereby (i) change
the Maturity Date of any Debt Security, or reduce the principal amount thereof
or any premium thereon, or reduce the rate or manner of calculation of the rate
or extend the time of payment of interest thereon, or reduce (other than as a
result of the maturity or earlier redemption of any such Debt Security in
accordance with the terms of the Indenture and such Debt Security) or increase
the aggregate principal amount of Debt Securities then outstanding, or change
any of the redemption provisions, or make the principal thereof or any interest
or premium thereon payable in any coin or currency other than that of the United
States that at the time of payment is legal tender for payment of public and
private debts, or impair or affect the right of any Securityholder to institute
suit for the payment thereof, or (ii) reduce the aforesaid percentage of Debt
Securities, the holders of which are required to consent to any such
supplemental indenture. The Indenture also contains provisions permitting the
holders of a majority in aggregate principal amount of the Debt Securities at
the time outstanding, on behalf of all of the Securityholders, to waive any past
default in the performance of any of the covenants contained in the Indenture,
or established pursuant to the Indenture, and its consequences, except (a) a
default in payments due in respect of any of the Debt Securities, (b) in respect
of covenants or provisions of the Indenture which cannot be modified or amended
without the consent of the holder of each Debt Security affected, or (c) in
respect of the covenants of the Company relating to its ownership of Common
Securities of the Trust. Any such consent or waiver by the registered holder of
this Debt Security (unless

     

    
      
         

      

      
        A-9

        
          

        

      

      
         

      

    

    revoked
as provided in the Indenture) shall be conclusive and binding upon such
Securityholder and upon all future holders and owners of this Debt Security and
of any Debt Security issued in exchange herefor or in place hereof (whether by
registration of transfer or otherwise),

     

    
      
         

      

      
        A-10

        
          

        

      

      
         

      

    

    irrespective
of whether or not any notation of such consent or waiver is made upon this Debt
Security.

     

    No
reference herein to the Indenture and no provision of this Debt Security or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay all payments due on this Debt Security at the
time and place and at the rate and in the money herein prescribed.

     

    As
provided in the Indenture and subject to certain limitations herein and therein
set forth, this Debt Security is transferable by the registered holder hereof on
the Debt Security Register of the Company, upon surrender of this Debt Security
for registration of transfer at the office or agency of the Trustee in
Wilmington, Delaware accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company or the Trustee duly executed by the
registered holder hereof or such Securityholder's attorney duly authorized in
writing, and thereupon one or more new Debt Securities of authorized
denominations and for the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be made for any
such registration of transfer, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in relation
thereto.

     

    Prior to
due presentment for registration of transfer of this Debt Security, the Company,
the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent and
the Debt Security Registrar may deem and treat the registered holder hereof as
the absolute owner hereof (whether or not this Debt Security shall be overdue
and notwithstanding any notice of ownership or writing hereon) for the purpose
of receiving payment of the principal of and premium, if any, and interest on
this Debt Security and for all other purposes, and neither the Company nor the
Trustee nor any Authenticating Agent nor any Paying Agent nor any transfer agent
nor any Debt Security Registrar shall be affected by any notice to the
contrary.

     

    No
recourse shall be had for the payment of the principal of or the interest on
this Debt Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture, against any incorporator,
stockholder, officer or director, past, present or future, as such, of the
Company or of any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issuance hereof, expressly waived and
released.

     

    The Debt
Securities are issuable only in registered certificated form without coupons. As
provided in the Indenture and subject to certain limitations herein and therein
set forth, Debt Securities are exchangeable for a like aggregate principal
amount of Debt Securities of a different authorized denomination, as requested
by the Securityholder surrendering the same.

     

    All terms
used in this Debt Security that are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

     

    THE LAW
OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THE DEBT SECURITIES,
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401
OF THE GENERAL OBLIGATIONS LAW).

     

    

    
      
         

      

      
        A-11ex10-q.htm

    Exhibit
10(q)
b

     

    GUARANTEE
AGREEMENT

     

    CITY
HOLDING COMPANY

     

    Dated as
of March 27, 2008

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          

          Page

        

      

    

    ARTICLE
I

     

    DEFINITIONS
AND INTERPRETATION

     

    
      	
              SECTION
      1.1.

            	
              Definitions
      and Interpretation

            	
              1

            

    

    ARTICLE
II

     

    POWERS,
DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     

    
      	
              SECTION
      2.1.

            	
              Powers
      and Duties of the Guarantee Trustee

            	
              4

            
	
              SECTION
      2.2.

            	
              Certain
      Rights of the Guarantee Trustee

            	
              6

            
	
              SECTION
      2.3.

            	
              Not
      Responsible for Recitals or Issuance of Guarantee

            	
              8

            
	
              SECTION
      2.4.

            	
              Events
      of Default; Waiver

            	
              8

            
	
              SECTION
      2.5.

            	
              Events
      of Default; Notice

            	
              8

            

    

    ARTICLE
III

     

    THE
GUARANTEE TRUSTEE

     

    
      	
              SECTION
      3.1.

            	
              The
      Guarantee Trustee; Eligibility

            	
              9

            
	
              SECTION
      3.2.

            	
              Appointment,
      Removal and Resignation of the Guarantee Trustee

            	
              9

            

    

    ARTICLE
IV

     

    GUARANTEE

     

    
      	
              SECTION
      4.1.

            	
              Guarantee

            	
              10

            
	
              SECTION
      4.2.

            	
              Waiver
      of Notice and Demand

            	
              11

            
	
              SECTION
      4.3.

            	
              Obligations
      Not Affected

            	
              11

            
	
              SECTION
      4.4.

            	
              Rights
      of Holders

            	
              12

            
	
              SECTION
      4.5.

            	
              Guarantee
      of Payment

            	
              12

            
	
              SECTION
      4.6.

            	
              Subrogation

            	
              12

            
	
              SECTION
      4.7.

            	
              Independent
      Obligations

            	
              13

            
	
              SECTION
      4.8.

            	
              Enforcement

            	
              13

            

    

    ARTICLE
V

     

    LIMITATION
OF TRANSACTIONS; SUBORDINATION

     

    
      	
              SECTION
      5.1.

            	
              Limitation
      of Transactions

            	
              13

            
	
              SECTION
      5.2.

            	
              Ranking

            	
              14

            

    

    ARTICLE
VI

     

    TERMINATION

     

    
      	
              SECTION
      6.1.

            	
              Termination

            	
              14

            

    

    

     

    
      
        
          
            	 
      	
                    -i-

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          (continued)

          Page

        

      

    

    ARTICLE
VII

    INDEMNIFICATION

    
      	
              SECTION
      7.1.

            	
              Exculpation

            	
              14

            
	
              SECTION
      7.2.

            	
              Indemnification

            	
              15

            
	
              SECTION
      7.3.

            	
              Compensation;
      Reimbursement of Expenses

            	
              16

            

    

    ARTICLE
VIII

     

    MISCELLANEOUS

     

    
      	
              SECTION
      8.1.

            	
              Successors
      and Assigns

            	
              16

            
	
              SECTION
      8.2.

            	
              Amendments

            	
              17

            
	
              SECTION
      8.3.

            	
              Notices

            	
              17

            
	
              SECTION
      8.4.

            	
              Benefit

            	
              18

            
	
              SECTION
      8.5.

            	
              Governing
      Law

            	
              18

            
	
              SECTION
      8.6.

            	
              Counterparts

            	
              18

            

    

    

    
      
        
          
            	 
      	
                    -ii-

                  	 
      

          

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    GUARANTEE
AGREEMENT

     

    This
GUARANTEE AGREEMENT (the "Guarantee"), dated as of March 27, 2008, is executed
and delivered by City Holding Company, incorporated in West Virginia (the
"Guarantor"), and Wells Fargo Bank, National Association, a national banking
association, as trustee (the "Guarantee Trustee"), for the benefit of the
Holders (as defined herein) from time to time of the Capital Securities (as
defined herein) of City Holding Capital Trust III, a Delaware statutory trust
(the "Issuer").

     

    WHEREAS,
pursuant to an Amended and Restated Declaration of Trust (the "Declaration"),
dated as of March 27, 2008, among the administrators and trustees named therein
of the Issuer, City Holding Company, as sponsor, and the Holders from time to
time of undivided beneficial interests in the assets of the Issuer, the Issuer
is issuing on the date hereof securities, having an aggregate liquidation amount
of up to $16,000,000, designated the Capital Securities (the "Capital
Securities"); and

     

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

     

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

     

    ARTICLE
I

     

    DEFINITIONS
AND INTERPRETATION

     

    
      	
              SECTION
      1.1.  

            	
              Definitions and
      Interpretation.

            

    

     

    In this
Guarantee, unless the context otherwise requires:

     

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

     

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

     

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

     

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

     

    (e) terms
defined in the Declaration as of the date of execution of this Guarantee have
the same meanings when used in this Guarantee, unless otherwise defined in this
Guarantee or unless the context otherwise requires; and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    a
reference to the singular includes the plural and vice versa.

     

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

     

    "Beneficiaries"
means any Person to whom the Issuer is or hereafter becomes indebted or
liable.

     

    "Corporate
Trust Office" means the office of the Guarantee Trustee at which the corporate
trust business of the Guarantee Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this
Guarantee is located at 919 North Market Street, Suite 1600, Wilmington,
Delaware 19801.

     

    "Covered
Person" means any Holder of Capital Securities.

     

    "Debentures"
means the junior subordinated debentures of City Holding Company, designated the
Junior Subordinated Debt Securities due 2038, held by the Institutional Trustee
(as defined in the Declaration) of the Issuer.

     

    "Event of
Default" has the meaning set forth in Section 2.4.

     

    "Guarantee
Payments" means the following payments or distributions, without duplication,
with respect to the Capital Securities, to the extent not paid or made by the
Issuer: (i) any accrued and unpaid Distributions (as defined in the
Declaration) which are required to be paid on such Capital Securities to the
extent the Issuer has funds available in the Property Account (as defined in the
Declaration) therefor at such time, (ii) the Redemption Price (as defined in the
Indenture) to the extent the Issuer has funds available in the Property Account
therefor at such time, with respect to any Capital Securities called for
redemption by the Issuer, (iii) the Special Redemption Price (as defined in the
Indenture) to the extent the Issuer has funds available in the Property Account
therefor at such time, with respect to Capital Securities called for redemption
upon the occurrence of a Special Event (as defined in the Indenture), and
(iv) upon a voluntary or involuntary liquidation, dissolution, winding-up
or termination of the Issuer (other than in connection with the distribution of
Debentures to the Holders of the Capital Securities in exchange therefor as
provided in the Declaration), the lesser of (a) the aggregate of the liquidation
amount and all accrued and unpaid Distributions on the Capital Securities to the
date of payment, to the extent the Issuer has funds available in the Property
Account therefor at such time, and (b) the amount of assets of the Issuer
remaining available for distribution to Holders in liquidation of the Issuer
after satisfaction of liabilities to creditors of the Issuer as required by
applicable law (in either case, the "Liquidation Distribution").

     

    "Guarantee
Trustee" means Wells Fargo Bank, National Association, until a Successor
Guarantee Trustee has been appointed and has accepted such appointment pursuant
to the terms of this Guarantee and thereafter means each such Successor
Guarantee Trustee.

     

    "Holder"
means any holder, as registered on the books and records of the Issuer, of any
Capital Securities; provided, however, that, in determining whether the holders
of the requisite percentage of Capital Securities have given any request,
notice, consent or waiver hereunder, "Holder" shall not include the Guarantor or
any Affiliate of the Guarantor.

     

    
      
        
           

        

         

      

      
        -2-

        
          

        

      

      
         

      

    

    "Indemnified
Person" means the Guarantee Trustee (including in its individual capacity), any
Affiliate of the Guarantee Trustee, or any officers, directors, shareholders,
members, partners, employees, representatives, nominees, custodians or agents of
the Guarantee Trustee.

     

    "Indenture"
means the Indenture, dated as of March 27, 2008, between the Guarantor and Wells
Fargo Bank, National Association, not in its individual capacity but solely as
trustee, and any indenture supplemental thereto pursuant to which the Debentures
are to be issued to the Institutional Trustee of the Issuer.

     

    "Liquidation
Distribution" has the meaning set forth in the definition of "Guarantee
Payments" herein.

     

    "Majority
in liquidation amount of the Capital Securities" means Holder(s) of outstanding
Capital Securities, voting together as a class, but separately from the holders
of Common Securities, of more than 50% of the aggregate liquidation amount
(including the stated amount that would be paid on redemption, liquidation or
otherwise, plus accrued and unpaid Distributions to, but excluding, the date
upon which the voting percentages are determined) of all Capital Securities then
outstanding.

     

    "Obligations"
means any costs, expenses or liabilities (but not including liabilities related
to taxes) of the Issuer, other than obligations of the Issuer to pay to holders
of any Trust Securities the amounts due such holders pursuant to the terms of
the Trust Securities.

     

    "Officer's
Certificate" means, with respect to any Person, a certificate signed by one
Authorized Officer of such Person. Any Officer's Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Guarantee shall include:

     

    (a) a
statement that each officer signing the Officer's Certificate has read the
covenant or condition 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 Officer's 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, in the opinion of each such officer, such condition or
covenant has been complied with.

     

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

     

    
      
        
        

         

      

      
        -3-

        
          

        

      

      
         

      

    

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

     

    "Successor
Guarantee Trustee" means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 3.1.

     

    "Trust
Securities" means the Common Securities and the Capital Securities.

     

    ARTICLE
II

     

    POWERS,
DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

     

    
      	
              SECTION
      2.1.  

            	
              Powers and Duties of
      the Guarantee Trustee.

            

    

     

    (a) This
Guarantee shall be held by the Guarantee Trustee for the benefit of the Holders
of the Capital Securities, and the Guarantee Trustee shall not transfer this
Guarantee to any Person except a Holder of Capital Securities exercising his or
her rights pursuant to Section 4.4(b) or to a Successor Guarantee Trustee on
acceptance by such Successor Guarantee Trustee of its appointment to act as
Successor Guarantee Trustee. The right, title and interest of the Guarantee
Trustee shall automatically vest in any Successor Guarantee Trustee, and such
vesting and cessation of title shall be effective whether or not conveyancing
documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee.

     

    (b) If an
Event of Default actually known to a Responsible Officer of the Guarantee
Trustee has occurred and is continuing, the Guarantee Trustee shall enforce this
Guarantee for the benefit of the Holders of the Capital Securities.

     

    (c) The
Guarantee Trustee, before the occurrence of any Event of Default and after the
curing or waiving of all Events of Default that may have occurred, shall
undertake to perform only such duties as are specifically set forth in this
Guarantee, and no implied covenants shall be read into this Guarantee against
the Guarantee Trustee. In case an Event of Default has occurred (that has not
been cured or waived pursuant to Section 2.4(b)) and is actually known to a
Responsible Officer of the Guarantee Trustee, the Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Guarantee, and use
the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

     

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

     

    
      
        
           

        

         

      

      
        -4-

        
          

        

      

      
         

      

    

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

     

    (A) the
duties and obligations of the Guarantee Trustee shall be determined solely by
the express provisions of this Guarantee, and the Guarantee Trustee shall not be
liable except for the performance of such duties and obligations as are
specifically set forth in this Guarantee, and no implied covenants or
obligations shall be read into this Guarantee against the Guarantee Trustee;
and

     

    (B) in the
absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee
may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon any certificates or opinions furnished to
the Guarantee Trustee and conforming to the requirements of this Guarantee; but
in the case of any such certificates or opinions furnished to the Guarantee
Trustee, the Guarantee 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
Guarantee;

     

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

     

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

     

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

     

    (e) The
rights, immunities, duties and responsibilities of the Guarantee Trustee shall
be as provided by this Guarantee and there shall be no other duties or
obligations, express or implied, of the Guarantee Trustee.  Whether or
not herein expressly so provided, every provision of this Guarantee relating to
the conduct or affecting the liability of or affording protection to the
Guarantee Trustee shall be subject to the provisions of this Section
2.1  To the extent that, at law or in equity, the Guarantee Trustee
has duties and liabilities relating to the Guarantor or the Holders, the
Guarantee

     

    
      
        
           

        

         

      

      
        -5-

        
          

        

      

      
         

      

    

    Trustee
shall not be liable to any Holder for the Guarantee Trustee's good faith
reliance on the provisions of this Guarantee.  The provisions of this
Guarantee, to the extent they restrict the duties and liabilities of the
Guarantee Trustee otherwise existing at law or in equity, are agreed by the
Guarantor and the Holders to replace such other duties and liabilities of the
Guarantee Trustee.

     

    
      	
              SECTION
      2.2.  

            	
              Certain Rights of the
      Guarantee Trustee.

            

    

     

    (a) Subject
to the provisions of Section 2.1:

     

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

     

    (ii) Any
direction or act of the Guarantor contemplated by this Guarantee shall be
sufficiently evidenced by an Officer's Certificate.

     

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

     

    (iv) The
Guarantee Trustee shall have no duty to see to any recording, filing or
registration of any instrument or other writing (or any rerecording, refiling or
reregistration thereof).

     

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

     

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

     

    
      
        
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    reasonable
advances as may be requested by the Guarantee Trustee; provided, however, that nothing
contained in this Section 2.2(a)(vi) shall be taken to relieve the Guarantee
Trustee, upon the occurrence of an Event of Default, of its obligation to
exercise the rights and powers vested in it by this Guarantee.

     

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

     

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

     

    (ix) Any
action taken by the Guarantee Trustee or its agents hereunder shall bind the
Holders of the Capital Securities, and the signature of the Guarantee Trustee or
its agents alone shall be sufficient and effective to perform any such action.
No third party shall be required to inquire as to the authority of the Guarantee
Trustee to so act or as to its compliance with any of the terms and provisions
of this Guarantee, both of which shall be conclusively evidenced by the
Guarantee Trustee's or its agent's taking such action.

     

    (x) Whenever
in the administration of this Guarantee the Guarantee Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right
or taking any other action hereunder, the Guarantee Trustee (A) may request
instructions from the Holders of a Majority in liquidation amount of the Capital
Securities, (B) may refrain from enforcing such remedy or right or taking such
other action until such instructions are received and (C) shall be protected in
conclusively relying on or acting in accordance with such
instructions.

     

    (xi) The
Guarantee Trustee shall not be liable for any action taken, suffered, or omitted
to be taken by it in good faith and reasonably believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this
Guarantee.

     

    (xii) Except as
otherwise expressly provided by this Guarantee, the Guarantee Trustee shall not
be under any obligation to take any action that is discretionary under the
provisions of this Guarantee.

     

    (xiii) In no
event shall the Guarantee Trustee be liable for any indirect, special, punitive
or consequential loss or damage of any kind whatsoever, including, but not
limited to, lost profits, even if the Guarantee Trustee has been

     

    
      
        
           

        

         

      

      
        -7-

        
          

        

      

      
         

      

    

    advised
of the likelihood of such loss or damage and regardless of the form of
action.

     

    (xiv) In no
event shall the Guarantee Trustee be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its
control, including, but not limited to, acts of God, flood, war (declared or
undeclared), terrorism, fire, riot, embargo or government action, including any
laws, ordinances, regulations, governmental action or the like which delay,
restrict or prohibit the providing of services contemplated by this
Guarantee.

     

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

     

    
      	
              SECTION
      2.3.  

            	
              Not Responsible for
      Recitals or Issuance of
Guarantee.

            

    

     

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

     

    
      	
              SECTION
      2.4.  

            	
              Events of Default;
      Waiver.

            

    

     

    (a) An Event
of Default under this Guarantee will occur upon the failure of the Guarantor to
perform any of its payment or other obligations hereunder.

     

    (b) The
Holders of a Majority in liquidation amount of the Capital Securities may,
voting or consenting as a class, on behalf of the Holders of all of the Capital
Securities, waive any past Event of Default and its consequences. Upon such
waiver, any such Event of Default shall cease to exist, and shall be deemed to
have been cured, for every purpose of this Guarantee, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

     

    
      	
              SECTION
      2.5.  

            	
              Events of Default;
      Notice.

            

    

     

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

     

    
      
        
           

        

         

      

      
        -8-

        
          

        

      

      
         

      

    

    The
Guarantee Trustee shall not be charged with knowledge of any Event of Default
unless the Guarantee Trustee shall have received written notice thereof from the
Guarantor or a Holder of the Capital Securities, or a Responsible Officer of the
Guarantee Trustee charged with the administration of this Guarantee shall have
actual knowledge thereof.

     

    ARTICLE
III

     

    THE
GUARANTEE TRUSTEE

     

    
      	
              SECTION
      3.1.  

            	
              The Guarantee Trustee;
      Eligibility.

            

    

     

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

     

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

     

    (ii) be a
corporation or national association 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 Person 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 or national association 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 3.1(a)(ii),
the combined capital and surplus of such corporation or national association
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.

     

    (b) If at any
time the Guarantee Trustee shall cease to be eligible to so act under Section
3.1(a), the Guarantee Trustee shall immediately resign in the manner and with
the effect set forth in Section 3.2(c).

     

    (c) If the
Guarantee Trustee has or shall acquire any "conflicting interest" within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee
shall either eliminate such interest or resign to the extent and in the manner
provided by, and subject to, this Guarantee.

     

    
      	
              SECTION
      3.2.  

            	
              Appointment, Removal
      and Resignation of the Guarantee
Trustee.

            

    

     

    (a) Subject
to Section 3.2(b), the Guarantee Trustee may be appointed or removed without
cause at any time by the Guarantor except during an Event of
Default.

     

    (b) The
Guarantee Trustee shall not be removed in accordance with Section 3.2(a) until a
Successor Guarantee Trustee has been appointed and has accepted such appointment
by written instrument executed by such Successor Guarantee Trustee and delivered
to the Guarantor.

     

    (c) The
Guarantee Trustee appointed to office shall hold office until a Successor
Guarantee Trustee shall have been appointed or until its removal or

     

    
      
        
           

        

         

      

      
        -9-

        
          

        

      

      
         

      

    

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

     

    (d) If no
Successor Guarantee Trustee shall have been appointed and accepted appointment
as provided in this Section 3.2 within 60 days after delivery of an instrument
of removal or resignation, the Guarantee Trustee resigning or being removed may
petition, at the Guarantor’s expense, any court of competent jurisdiction for
appointment of a Successor Guarantee Trustee. Such court may thereupon, after
prescribing such notice, if any, as it may deem proper, appoint a Successor
Guarantee Trustee.

     

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

     

    (f) Upon
termination of this Guarantee or removal or resignation of the Guarantee Trustee
pursuant to this Section 3.2, the Guarantor shall pay to the Guarantee Trustee
all amounts owing to the Guarantee Trustee under Sections 7.2 and 7.3 accrued to
the date of such termination, removal or resignation.

     

    (g) Any
Person into which the Guarantee Trustee 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 Guarantee Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Guarantee Trustee, shall be the successor of the Guarantee Trustee hereunder
without the execution or filing of any paper or any further act on the part of
any of the parties hereto; provided, that such Person shall be otherwise
eligible and qualified under this Article.

     

    ARTICLE
IV

     

    GUARANTEE

     

    
      	
              SECTION
      4.1.  

            	
              Guarantee.

            

    

     

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

     

    (b) The
Guarantor hereby also agrees to assume any and all Obligations of the Issuer and
in the event any such Obligation is not so assumed, subject to the terms and
conditions hereof, the Guarantor hereby irrevocably and unconditionally
guarantees to each Beneficiary the full payment, when and as due, of any and all
Obligations to such

     

    
      
        
           

        

         

      

      
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    Beneficiaries.
This Guarantee is intended to be for the Beneficiaries who have received notice
hereof.

     

    
      	
              SECTION
      4.2.  

            	
              Waiver of Notice and
      Demand.

            

    

     

    The
Guarantor hereby waives notice of acceptance of this Guarantee and of any
liability to which it applies or may apply, presentment, demand for payment, any
right to require a proceeding first against the Issuer or any other Person
before proceeding against the Guarantor, protest, notice of nonpayment, notice
of dishonor, notice of redemption and all other notices and
demands.

     

    
      	
              SECTION
      4.3.  

            	
              Obligations Not
      Affected.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (g) any other
circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor, it being the intent of this Section 4.3
that

     

    
      
        
           

        

         

      

      
        -11-

        
          

        

      

      
         

      

    

    the
obligations of the Guarantor hereunder shall be absolute and unconditional under
any and all circumstances.

     

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

     

    
      	
              SECTION
      4.4.  

            	
              Rights of
      Holders.

            

    

     

    (a) The
Holders of a Majority in liquidation amount of the Capital Securities have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Guarantee Trustee in respect of this Guarantee or to
direct the exercise of any trust or power conferred upon the Guarantee Trustee
under this Guarantee; provided, however, that
(subject to Sections 2.1 and 2.2) the Guarantee Trustee shall have the right to
decline to follow any such direction if the Guarantee Trustee shall determine
that the actions so directed would be unjustly prejudicial to the Holders not
taking part in such direction or if the Guarantee Trustee being advised by legal
counsel determines that the action or proceeding so directed may not lawfully be
taken or if the Guarantee Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors or trustees
and/or Responsible Officers shall determine that the action or proceeding so
directed would involve the Guarantee Trustee in personal liability.

     

    (b) Any
Holder of Capital Securities may institute a legal proceeding directly against
the Guarantor to enforce the Guarantee Trustee's rights under this Guarantee,
without first instituting a legal proceeding against the Issuer, the Guarantee
Trustee or any other Person. The Guarantor waives any right or remedy to require
that any such action be brought first against the Issuer, the Guarantee Trustee
or any other Person before so proceeding directly against the
Guarantor.

     

    
      	
              SECTION
      4.5.  

            	
              Guarantee of
      Payment.

            

    

     

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

     

    
      	
              SECTION
      4.6.  

            	
              Subrogation.

            

    

     

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

     

    
      
        
           

        

         

      

      
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    Independent
Obligations.

     

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

     

    
      	
              SECTION
      4.7.  

            	
              Enforcement.

            

    

     

    A
Beneficiary may enforce the Obligations of the Guarantor contained in Section
4.1 (b) directly against the Guarantor, and the Guarantor waives any right or
remedy to require that any action be brought against the Issuer or any other
person or entity before proceeding against the Guarantor.

     

    The
Guarantor shall be subrogated to all rights (if any) of any Beneficiary against
the Issuer in respect of any amounts paid to the Beneficiaries by the Guarantor
under this Guarantee; provided, however, that the
Guarantor shall not (except to the extent required by applicable provisions of
law) be entitled to enforce or exercise any rights that it may acquire by way of
subrogation or any indemnity, reimbursement or other agreement, in all cases as
a result of payment under this Guarantee, if, after giving effect to such
payment, any amounts are due and unpaid under this Guarantee.

     

    ARTICLE
V

     

    LIMITATION
OF TRANSACTIONS; SUBORDINATION

     

    
      	
              SECTION
      5.1.  

            	
              Limitation of
      Transactions.

            

    

     

    So long
as any Capital Securities remain outstanding, if (a) there shall have occurred
and be continuing an Event of Default or (b) the Guarantor shall have selected
an Extension Period as provided in the Declaration and such period, or any
extension thereof, shall have commenced and be continuing, then the Guarantor
may not (x) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the
Guarantor's capital stock or (y) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the
Guarantor that rank pari
passu in all respects with or junior in interest to the Debentures (other
than (i) payments under this Guarantee, (ii) repurchases, redemptions or other
acquisitions of shares of capital stock of the Guarantor (A) in connection with
any employment contract, benefit plan or other similar arrangement with or for
the benefit of one or more employees, officers, directors, or consultants, (B)
in connection with a dividend reinvestment or stockholder stock purchase plan or
(C) in connection with the issuance of capital stock of the Guarantor (or
securities convertible into or exercisable for such capital stock), as
consideration in an acquisition transaction entered into prior to the occurrence
of the Event of Default or the applicable Extension Period, (iii) as a result of
any exchange, reclassification, combination or conversion of any class or series
of the Guarantor's capital stock (or any capital stock of a subsidiary of the
Guarantor) for any class or series of the Guarantor's capital stock or of any
class or series of the Guarantor's indebtedness for any class or series of the
Guarantor's capital stock,

     

    
      
        
           

        

         

      

      
        -13-

        
          

        

      

      
         

      

    

    (iv) the
purchase of fractional interests in shares of the Guarantor's capital stock
pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (v) any declaration of a dividend in
connection with any stockholder's rights plan, or the issuance of rights, stock
or other property under any stockholder's rights plan, or the redemption or
repurchase of rights pursuant thereto, or (vi) any dividend in the form of
stock, warrants, options or other rights where the dividend stock or the stock
issuable upon exercise of such warrants, options or other rights is the same
stock as that on which the dividend is being paid or ranks pari passu with or junior to
such stock).

     

    
      	
              SECTION
      5.2.  

            	
              Ranking.

            

    

     

    This
Guarantee will constitute an unsecured obligation of the Guarantor and will rank
subordinate and junior in right of payment to all present and future Senior
Indebtedness (as defined in the Indenture) of the Guarantor. By their acceptance
thereof, each Holder of Capital Securities agrees to the foregoing provisions of
this Guarantee and the other terms set forth herein.

     

    The right
of the Guarantor to participate in any distribution of assets of any of its
subsidiaries upon any such subsidiary's liquidation or reorganization or
otherwise is subject to the prior claims of creditors of that subsidiary, except
to the extent the Guarantor may itself be recognized as a creditor of that
subsidiary. Accordingly, the Guarantor's obligations under this Guarantee will
be effectively subordinated to all existing and future liabilities of the
Guarantor's subsidiaries, and claimants should look only to the assets of the
Guarantor for payments thereunder. This Guarantee does not limit the incurrence
or issuance of other secured or unsecured debt of the Guarantor, including
Senior Indebtedness of the Guarantor, under any indenture or agreement that the
Guarantor may enter into in the future or otherwise.

     

    ARTICLE
VI

     

    TERMINATION

     

    
      	
              SECTION
      6.1.  

            	
              Termination.

            

    

     

    This
Guarantee shall terminate as to the Capital Securities (i) upon full payment of
the Redemption Price or the Special Redemption Price, as the case may be, of all
Capital Securities then outstanding, (ii) upon the distribution of all of the
Debentures to the Holders of all of the Capital Securities or (iii) upon full
payment of the amounts payable in accordance with the Declaration upon
dissolution of the Issuer. This Guarantee will continue to be effective or will
be reinstated, as the case may be, if at any time any Holder of Capital
Securities must restore payment of any sums paid under the Capital Securities or
under this Guarantee.

     

    ARTICLE
VII

     

    INDEMNIFICATION

     

    
      	
              SECTION
      7.1.  

            	
              Exculpation.

            

    

     

    (a) No
Indemnified Person shall be liable, responsible or accountable in damages or
otherwise to the Guarantor or any Covered Person for any loss, damage or claim
incurred by reason of any act or omission of such Indemnified Person in good
faith

     

    
      
        
           

        

         

      

      
        -14-

        
          

        

      

      
         

      

    

    in
accordance with this Guarantee and in a manner that such Indemnified Person
reasonably believed to be within the scope of the authority conferred on such
Indemnified Person by this Guarantee or by law, except that an Indemnified
Person shall be liable for any such loss, damage or claim incurred by reason of
such Indemnified Person's negligence or willful misconduct with respect to such
acts or omissions.

     

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

     

    
      	
              SECTION
      7.2.  

            	
              Indemnification.

            

    

     

    (a) The
Guarantor agrees to indemnify each Indemnified Person for, and to hold each
Indemnified Person harmless against, any and all loss, liability, damage, claim
or expense incurred without negligence or willful misconduct on the part of the
Indemnified Person, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including but not limited to
the costs and expenses (including reasonable legal fees and expenses) of the
Indemnified Person defending itself against, or investigating, any claim or
liability in connection with the exercise or performance of any of the
Indemnified Person's powers or duties hereunder. The obligation to indemnify as
set forth in this Section 7.2 shall survive the resignation or removal of the
Guarantee Trustee and the termination of this Guarantee.

     

    (b) Promptly
after receipt by an Indemnified Person under this Section 7.2 of notice of the
commencement of any action, such Indemnified Person will, if a claim in respect
thereof is to be made against the Guarantor under this Section 7.2, notify the
Guarantor in writing of the commencement thereof; but the failure so to notify
the Guarantor (i) will not relieve the Guarantor from liability under paragraph
(a) above unless and to the extent that the Guarantor did not otherwise learn of
such action and such failure results in the forfeiture by the Guarantor of
substantial rights and defenses and (ii) will not, in any event, relieve the
Guarantor from any obligations to any Indemnified Person other than the
indemnification obligation provided in paragraph (a) above. The Guarantor shall
be entitled to appoint counsel of the Guarantor's choice at the Guarantor's
expense to represent the Indemnified Person in any action for which
indemnification is sought (in which case the Guarantor shall not thereafter be
responsible for the fees and expenses of any separate counsel retained by the
Indemnified Person or Persons except as set forth below); provided, however, that such
counsel shall be satisfactory to the Indemnified Person. Notwithstanding the
Guarantor's election to appoint counsel to represent the Indemnified Person in
any action, the Indemnified Person shall have the right to employ separate
counsel (including local counsel), and the Guarantor shall bear the reasonable
fees, costs and expenses of such separate counsel (and local counsel), if
(i)

     

    
      
        
        

         

      

      
        -15-

        
          

        

      

      
         

      

    

    the use
of counsel chosen by the Guarantor to represent the Indemnified Person would
present such counsel with a conflict of interest, (ii) the actual or potential
defendants in, or targets of, any such action include both the Indemnified
Person and the Guarantor and the Indemnified Person shall have reasonably
concluded that there may be legal defenses available to it and/or other
Indemnified Persons which are different from or additional to those available to
the Guarantor, (iii) the Guarantor shall not have employed counsel satisfactory
to the Indemnified Person to represent the Indemnified Person within a
reasonable time after notice of the institution of such action or (iv) the
Guarantor shall authorize the Indemnified Person to employ separate counsel at
the expense of the Guarantor. The Guarantor will not, without the prior written
consent of the Indemnified Persons, settle or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the Indemnified Persons are actual or potential
parties to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each Indemnified Person from all liability
arising out of such claim, action, suit or proceeding.

     

    
      	
              SECTION
      7.3.  

            	
              Compensation;
      Reimbursement of Expenses.

            

    

     

    The
Guarantor agrees:

     

    (a) to pay to
the Guarantee Trustee from time to time such compensation for all services
rendered by it hereunder as the parties shall agree to from time to time (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); and

     

    (b) except as
otherwise expressly provided herein, to reimburse the Guarantee Trustee upon
request for all reasonable expenses, disbursements and advances incurred or made
by it in accordance with any provision of this Guarantee (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or willful misconduct.

     

    The
provisions of this Section 7.3 shall survive the resignation or removal of the
Guarantee Trustee and the termination of this Guarantee.

     

    ARTICLE
VIII

     

    MISCELLANEOUS

     

    
      	
              SECTION
      8.1.  

            	
              Successors and
      Assigns.

            

    

     

    All
guarantees and agreements contained in this Guarantee shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall
inure to the benefit of the Holders of the Capital Securities then outstanding.
Except in connection with any merger or consolidation of the Guarantor with or
into another entity or any sale, transfer or lease of the Guarantor's assets to
another entity, in each case to the extent permitted under the Indenture, the
Guarantor may not assign its rights or delegate its obligations under this
Guarantee without the prior approval of the Holders of not less than a Majority
in liquidation amount of the Capital Securities.

     

    
      
        
           

        

         

      

      
        -16-

        
          

        

      

      
         

      

    

    
       

      
        	
                SECTION
      8.2.  

              	
                Amendments.

              

      

       

    

    Except
with respect to any changes that do not adversely affect the rights of Holders
of the Capital Securities in any material respect (in which case no consent of
Holders will be required), this Guarantee may be amended only with the prior
approval of the Holders of not less than a Majority in liquidation amount of the
Capital Securities. The provisions of the Declaration with respect to amendments
thereof shall apply equally with respect to amendments of the
Guarantee.

     

    
      	
              SECTION
      8.3.  

            	
              Notices.

            

    

     

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

     

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

     

    
      	
              Wells
      Fargo Bank, National Association

            
	
              919
      North Market Street

            
	
              Suite
      1600

            
	
              Wilmington,
      DE 19801

            
	
              Attention:
      Corporate Trust Division

            
	
              Telecopy:
      302-575-2006

            
	
              Telephone:
      302-575-2005

            

    

    

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

     

    
      	
              City
      Holding Company

            
	
              P.
      O. Box 7520

            
	
              25
      Gatewater Road

            
	
              Charleston,
      West Virginia 25356-0520

            
	
              Attention:
      David L. Bumgarner

            
	
              Telecopy:
      (304) 769-1111

            
	
              Telephone:
      (304) 769-1169

            

    

    

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

     

    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.

     

    
      
        
           

        

         

      

      
        -17-

        
          

        

      

      
         

      

    

    
       

      
        	
                SECTION
      8.4.  

              	
                Benefit.

              

      

       

    

    This
Guarantee is solely for the benefit of the Holders of the Capital Securities
and, subject to Section 2.1(a), is not separately transferable from the Capital
Securities.

     

    
      	
              SECTION
      8.5.  

            	
              Governing
      Law.

            

    

     

    THIS
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF.

     

    
      	
              SECTION
      8.6.  

            	
              Counterparts.

            

    

     

    This
Guarantee may contain more than one counterpart of the signature page and this
Guarantee may be executed by the affixing of the signature of the Guarantor and
the Guarantee Trustee to any 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.

     

    
      
        
           

        

         

      

      
        -18-

        
          

        

      

      
         

      

    

    THIS
GUARANTEE is executed as of the day and year first above written.

     

    CITY
HOLDING COMPANY,

    as
Guarantor

    

    

    
      	
              By:

            	
              /s/
      Charles R. Hageboeck

            
	
              Name:

            	
              Charles
      R. Hageboeck

            
	
              Title:

            	
              President
      & Chief Executive Officer

            

    

    

    

    

    WELLS
FARGO BANK, NATIONAL

    ASSOCIATION,
as Guarantee Trustee

    

    

    
      	
              By:

            	
              /s/
      Amy J. Martin

            
	
              Name:

            	
               Amy
      J. Martin

            
	
              Title:

            	
              Vice
      President

            

    

    

     

    -19-

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