Document:

ex_4-2.htm

     

    EXHIBIT
4.2

     

     

    PRIVATEBANCORP,
INC.

     

    and

     

    WILMINGTON
TRUST COMPANY

    Trustee

     

    JUNIOR
SUBORDINATED INDENTURE

     

    Dated as
of May 22, 2008

     

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    TABLE
OF CONTENTS

     

    
      
        	 	 	Page 
	 	 	 
	
                ARTICLE I

              	
                DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

              	
                1

              
	
                Section 1.1

              	
                Definitions

              	
                1

              
	
                Section 1.2

              	
                Compliance
      Certificate and Opinions

              	
                8

              
	
                Section 1.3

              	
                Forms
      of Documents Delivered to Trustee

              	
                8

              
	
                Section 1.4

              	
                Acts
      of Holders

              	
                9

              
	
                Section 1.5

              	
                Notices,
      Etc. to Trustee and Company

              	
                10

              
	
                Section 1.6

              	
                Notice
      to Holders; Waiver

              	
                11

              
	
                Section 1.7

              	
                Conflict
      with Trust Indenture Act

              	
                11

              
	
                Section 1.8

              	
                Effect
      of Headings and Table of Contents

              	
                11

              
	
                Section 1.9

              	
                Successors
      and Assigns

              	
                11

              
	
                Section 1.10

              	
                Separability
      Clause

              	
                11

              
	
                Section 1.11

              	
                Benefits
      of Indenture

              	
                11

              
	
                Section 1.12

              	
                Governing
      Law

              	
                11

              
	
                Section 1.13

              	
                Legal
      Holidays

              	
                11

              
	 	 	 
	
                ARTICLE II

              	
                SECURITY
      FORMS

              	
                12

              
	
                Section 2.1

              	
                Forms
      Generally

              	
                12

              
	
                Section 2.2

              	
                Form
      of Face of Security

              	
                12

              
	
                Section 2.3

              	
                Form
      of Reverse of Security

              	
                15

              
	
                Section 2.4

              	
                Additional
      Provisions Required in Global Security

              	
                17

              
	
                Section 2.5

              	
                Form
      of Trustee’s Certificate of Authentication

              	
                17

              
	 	 	 
	
                ARTICLE III

              	
                THE
      SECURITIES

              	
                18

              
	
                Section 3.1

              	
                Amount
      Unlimited Issuable in Series

              	
                18

              
	
                Section 3.2

              	
                Denominations

              	
                20

              
	
                Section 3.3

              	
                Execution,
      Authentication, Delivery and Dating

              	
                20

              
	
                Section 3.4

              	
                Temporary
      Securities

              	
                21

              
	
                Section 3.5

              	
                Registration,
      Transfer and Exchange

              	
                21

              
	
                Section 3.6

              	
                Mutilated,
      Destroyed, Lost and Stolen Securities

              	
                24

              
	
                Section 3.7

              	
                Payment
      of Interest; Interest Rights Preserved

              	
                24

              
	
                Section 3.8

              	
                Persons
      Deemed Owners

              	
                25

              
	
                Section 3.9

              	
                Cancellation

              	
                26

              
	
                Section 3.10

              	
                Computation
      of Interest

              	
                26

              
	
                Section 3.11

              	
                Deferrals
      of Interest Payment Dates

              	
                26

              
	
                Section 3.12

              	
                Right
      of Set-off

              	
                27

              
	
                Section 3.13

              	
                Agreed
      Tax Treatment

              	
                27

              
	
                Section 3.14

              	
                CUSIP
      Numbers

              	
                27

              
	 	 	 
	
                ARTICLE IV

              	
                SATISFACTION
      AND DISCHARGE

              	
                27

              
	
                Section 4.1

              	
                Satisfaction
      and Discharge of Indenture

              	
                27

              
	
                Section 4.2

              	
                Application
      of Trust Money

              	
                28

              
	 	 	 
	
                ARTICLE V

              	
                REMEDIES

              	
                29

              
	
                Section 5.1

              	
                Events
      of Default

              	
                29

              
	
                Section 5.2

              	
                Acceleration
      of Maturity; Rescission and Annulment

              	
                29

              
	
                Section 5.3

              	
                Collection
      of Indebtedness and Suits for Enforcement by Trustee

              	
                30

              

      

       

      

        
          
             

          

          
            i

            
              

            

          

          
             

          

        

      

       

      TABLE
OF CONTENTS

      (continued)

       

      
        	 	 	Page 
	 	 	 
	
                Section 5.4

              	
                Trustee
      May File Proofs of Claim

              	
                31

              
	
                Section 5.5

              	
                Trustee
      May Enforce Claim Without Possession of Securities

              	
                32

              
	
                Section 5.6

              	
                Application
      of Money Collected

              	
                32

              
	
                Section 5.7

              	
                Limitation
      on Suits

              	
                32

              
	
                Section 5.8

              	
                Unconditional
      Right of Holders to Receive Principal, Premium and Interest; Direct Action
      by Holders of Trust Preferred Securities

              	
                33

              
	
                Section 5.9

              	
                Restoration
      of Rights and Remedies

              	
                33

              
	
                Section 5.10

              	
                Rights
      and Remedies Cumulative

              	
                33

              
	
                Section 5.11

              	
                Delay
      or Omission Not Waiver

              	
                33

              
	
                Section 5.12

              	
                Control
      by Holders

              	
                34

              
	
                Section 5.13

              	
                Waiver
      of Past Defaults

              	
                34

              
	
                Section 5.14

              	
                Undertaking
      for Costs

              	
                34

              
	
                Section 5.15

              	
                Waiver
      of Usury, Stay or Extension Laws

              	
                34

              
	 	 	 
	
                ARTICLE VI

              	
                THE
      TRUSTEE

              	
                35

              
	
                Section 6.1

              	
                Certain
      Duties and Responsibilities

              	
                35

              
	
                Section 6.2

              	
                Notice
      of Defaults

              	
                36

              
	
                Section 6.3

              	
                Certain
      Rights of Trustee

              	
                36

              
	
                Section 6.4

              	
                Not
      Responsible for Recitals or Issuance of Securities

              	
                37

              
	
                Section 6.5

              	
                May Hold
      Securities

              	
                37

              
	
                Section 6.6

              	
                Money
      Held in Trust

              	
                37

              
	
                Section 6.7

              	
                Compensation
      and Reimbursement

              	
                37

              
	
                Section 6.8

              	
                Disqualification;
      Conflicting Interests

              	
                37

              
	
                Section 6.9

              	
                Corporate
      Trustee Required; Eligibility

              	
                38

              
	
                Section 6.10

              	
                Resignation
      and Removal; Appointment of Successor

              	
                38

              
	
                Section 6.11

              	
                Acceptance
      of Appointment by Successor

              	
                39

              
	
                Section 6.12

              	
                Merger,
      Conversion, Consolidation or Succession to Business

              	
                40

              
	
                Section 6.13

              	
                Preferential
      Collection of Claims Against Company

              	
                40

              
	
                Section 6.14

              	
                Appointment
      of Authenticating Agent

              	
                41

              
	 	 	 
	
                ARTICLE VII

              	
                HOLDER’S
      LISTS AND REPORTS BY TRUSTEE AND COMPANY

              	
                42

              
	
                Section 7.1

              	
                Company
      to Furnish Trustee Names and Addresses of Holders

              	
                42

              
	
                Section 7.2

              	
                Preservation
      of Information, Communications to Holders

              	
                42

              
	
                Section 7.3

              	
                Reports
      by Trustee

              	
                43

              
	
                Section 7.4

              	
                Reports
      by Company

              	
                43

              
	 	 	 
	
                ARTICLE
      VIII

              	
                CONSOLIDATION,
      MERGER, CONVEYANCE, TRANSFER OR LEASE

              	
                43

              
	
                Section 8.1

              	
                Company
      May Consolidate, Etc., only on Certain Terms

              	
                43

              
	
                Section 8.2

              	
                Successor
      Corporation Substituted

              	
                44

              
	 	 	 
	
                ARTICLE IX

              	
                SUPPLEMENTAL
      INDENTURES

              	
                44

              
	
                Section 9.1

              	
                Supplemental
      Indentures Without Consent of Holders

              	
                44

              
	
                Section 9.2

              	
                Supplemental
      Indentures with Consent of Holders

              	
                45

              
	
                Section 9.3

              	
                Execution
      of Supplemental Indentures

              	
                46

              
	
                Section 9.4

              	
                Effect
      of Supplemental Indentures

              	
                46

              
	
                Section 9.5

              	
                Conformity
      with Trust Indenture Act

              	
                46

              
	
                Section 9.6

              	
                Reference
      in Securities to Supplemental Indentures

              	
                47

              

      

       

      

        
          
             

          

          
            ii

            
              

            

          

          
             

          

        

      

      
         

        TABLE
OF CONTENTS

        (continued)

         

      

      
        	 	 	Page 
	 	 	 
	
                Section 9.7

              	
                Subordination
      Unimpaired

              	
                47

              
	 	 	 
	
                ARTICLE X

              	
                COVENANTS

              	
                47

              
	
                Section 10.1

              	
                Payment
      of Principal, Premium and Interest

              	
                47

              
	
                Section 10.2

              	
                Maintenance
      of Office or Agency

              	
                47

              
	
                Section 10.3

              	
                Money
      for Securities Payments to be Held in Trust

              	
                47

              
	
                Section 10.4

              	
                Statement
      as to Compliance

              	
                48

              
	
                Section 10.5

              	
                Waiver
      of Certain Covenants

              	
                49

              
	
                Section 10.6

              	
                Additional
      Sums

              	
                49

              
	
                Section 10.7

              	
                Additional
      Covenants

              	
                49

              
	 	 	 
	
                ARTICLE XI

              	
                REDEMPTION
      OF SECURITIES

              	
                50

              
	
                Section 11.1

              	
                Applicability
      of this Article

              	
                50

              
	
                Section 11.2

              	
                Election
      to Redeem; Notice to Trustee

              	
                50

              
	
                Section 11.3

              	
                Selection
      of Securities to be Redeemed

              	
                51

              
	
                Section 11.4

              	
                Notice
      of Redemption

              	
                51

              
	
                Section 11.5

              	
                Deposit
      of Redemption Price

              	
                52

              
	
                Section 11.6

              	
                Payment
      of Securities Called for Redemption

              	
                52

              
	
                Section 11.7

              	
                Right
      of Redemption of Securities Initially Issued to a PrivateBancorp
      Trust

              	
                52

              
	 	 	 
	
                ARTICLE XII

              	
                SINKING
      FUNDS

              	
                53

              
	
                Section 12.1

              	
                Applicability
      of Article

              	
                53

              
	
                Section 12.2

              	
                Satisfaction
      of Sinking Fund Payments with Securities

              	
                53

              
	
                Section 12.3

              	
                Redemption
      of Securities for Sinking Fund

              	
                53

              
	 	 	 
	
                ARTICLE XIII

              	
                SUBORDINATION
      OF SECURITIES

              	
                54

              
	
                Section 13.1

              	
                Securities
      Subordinate to Senior Debt

              	
                54

              
	
                Section 13.2

              	
                Company
      Not to Pay if Senior Debt of Company is in Default

              	
                55

              
	
                Section 13.3

              	
                Payment
      over of Proceeds upon Dissolution, Default, Etc., of the
      Company

              	
                55

              
	
                Section 13.4

              	
                Subrogation
      to Rights of Holders of Senior Debt

              	
                56

              
	
                Section 13.5

              	
                Reliance
      on Certificate of Liquidating Agent

              	
                56

              
	
                Section 13.6

              	
                Payment
      Permitted if No Default

              	
                56

              
	
                Section 13.7

              	
                Trustee
      Not Charged with Knowledge of Prohibition

              	
                57

              
	
                Section 13.8

              	
                Provisions
      are Solely to Define Relative Rights

              	
                57

              
	
                Section 13.9

              	
                No
      Waiver of Subordination Provisions

              	
                57

              
	
                Section 13.10

              	
                Trustee
      to Effectuate Subordination

              	
                57

              
	
                Section 13.11

              	
                Rights
      of Trustee as Holder of Senior Debt

              	
                57

              
	
                Section 13.12

              	
                Article Applicable
      to Paying Agents

              	
                57

              
	 	 	 
	
                ARTICLE XIV

              	
                REPAYMENT
      AT THE OPTION OF HOLDERS

              	
                58

              
	
                Section 14.1

              	
                Applicability
      of Article

              	
                58

              
	
                Section 14.2

              	
                Repayment
      of Securities

              	
                58

              
	
                Section 14.3

              	
                Exercise
      of Option; Notice

              	
                58

              
	
                Section 14.4

              	
                Securities
      Payable on the Repayment Date

              	
                58

              

      

      
 

    

    
      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

    

    

    PRIVATEBANCORP,
INC.

     

    Certain
Sections of this Indenture relating to Sections 310 through 318,
inclusive, of the Trust Indenture Act of 1939:

     

    
      	
              TRUST
      INDENTURE ACT SECTION

            	
              INDENTURE
      SECTION

            
	
              §
      310(a)(1), (2) and (5)

            	
              6.9

            
	
              (a)(3)

            	
              Not
      Applicable

            
	
              (a)(4)

            	
              Not
      Applicable

            
	
              (b)

            	
              6.8

            
	 
      	
              6.10

            
	
              (c)

            	
              Not
      Applicable

            
	
              §
      311(a)

            	
              6.13

            
	
              (b)

            	
              6.13

            
	
              §
      312(a)

            	
              7.1

            
	 
      	
              7.2(a)

            
	
              (b)

            	
              7.2(b)

            
	
              (c)

            	
              7.2(c)

            
	
              §
      313(a)

            	
              7.3(a)

            
	 
      	
              7.3(b)

            
	
              (b)

            	
              7.3(b)

            
	
              (c)

            	
              7.3(a),
      7.3(b)

            
	
              (d)

            	
              7.3(c)

            
	
              §
      314(a)(1), (2) and (3)

            	
              7.4

            
	
              (a)(4)

            	
              10.4

            
	
              (b)

            	
              Not
      Applicable

            
	
              (c)(1)

            	
              1.2

            
	
              (c)(2)

            	
              1.2

            
	
              (c)(3)

            	
              Not
      Applicable

            
	
              (d)

            	
              Not
      Applicable

            
	
              (e)

            	
              1.2

            
	
              (f)

            	
              Not
      Applicable

            
	
              §
      315(a)

            	
              6.1

            
	
              (b)

            	
              6.2

            
	
              (c)

            	
              6.1

            
	
              (d)

            	
              6.1

            
	
              (e)

            	
              5.14

            
	
              §
      316(a)

            	
              1.1

            
	
              (a)(1)(A)

            	
              5.12

            
	
              (a)(1)(B)

            	
              5.13

            
	
              (a)(2)

            	
              Not
      Applicable

            
	
              (b)

            	
              5.8

            
	
              (c)

            	
              1.4(f)

            
	
              §
      317(a)(1)

            	
              5.3

            
	
              (a)(2)

            	
              5.4

            
	
              (b)

            	
              10.3

            
	
              §
      318(a)

            	
              1.7

            

    

    

    Note:  This
reconciliation and tie shall not, for any purpose, be deemed to be a part of the
Indenture.

     

    

    
      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

    

    

    JUNIOR SUBORDINATED INDENTURE,
dated as of May 22, 2008, between PRIVATEBANCORP, INC., a Delaware
corporation (hereinafter called the “Company”), and WILMINGTON
TRUST COMPANY, as Trustee (hereinafter called the “Trustee”).

     

    RECITALS
OF THE COMPANY

     

    The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured junior subordinated
debt securities in series (hereinafter called the “Securities”) of substantially
the tenor hereinafter provided, including, without limitation, Securities issued
to evidence loans made to the Company of the proceeds from the issuance from
time to time by one or more statutory trusts (each a “PrivateBancorp Trust,” and,
collectively, the “PrivateBancorp Trusts”) of
preferred trust interests in such Trusts (the “Trust Preferred Securities”)
and common interests in such Trusts (the “Common Securities” and,
collectively with the Trust Preferred Securities, the “Trust Securities”), and to
provide the terms and conditions upon which the Securities are to be
authenticated, issued and delivered.

     

    All
things necessary to make the Securities, when executed by the Company and
authenticated and delivered hereunder and duly issued by the Company, the valid
obligations of the Company, and to make this Indenture a valid agreement of the
Company, in accordance with their and its terms, have been done.

     

    NOW THEREFORE, THIS INDENTURE
WITNESSETH:  For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually covenanted and
agreed, for the equal and proportionate benefit of all Holders of the Securities
or of any series thereof, as follows:

     

    ARTICLE I

     

    DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

     

    Section
1.1 Definitions.  For
all purposes of this Indenture, except as otherwise expressly provided or unless
the context otherwise requires:

     

    (1) the terms
defined in this Article have the meanings assigned to them in this Article,
and include the plural as well as the singular;

     

    (2) all other
terms used herein that are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them
therein;

     

    (3) all
accounting terms not otherwise defined herein have the meanings assigned to them
in accordance with generally accepted accounting principles, and the term
“generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles that are
generally accepted at the date or time of such computation; provided that when two or
more principles are so generally accepted, it shall mean that set of principles
consistent with those in use by the Company;

     

    (4) 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; and

     

    (5) unless
the context otherwise requires, any reference to an “Article,” a “Section” or a
“Subsection” refers to an Article, Section or Subsection, as the case may
be, of this Indenture.

     

    “Act” when used with respect
to any Holder has the meaning specified in Section 1.4(a).

     

    
      

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

       

    

    “Additional Interest” means
the interest, if any, that shall accrue on any interest on the Securities of any
series the payment of which has not been made on the applicable Interest Payment
Date and that shall accrue at the rate per annum specified or determined as
specified in such Security.

     

    “Additional Sums” has the
meaning specified in Section 10.6.

     

    “Additional Taxes” means the
sum of any additional taxes, duties, assessments or governmental charges of
whatever nature, other than withholding taxes, imposed by the United States, or
any other taxing authority.

     

    “Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled
by or under direct or indirect common control with such specified Person; provided, however, no PrivateBancorp
Trust to which Securities have been issued shall be deemed to be an Affiliate of
the Company.  For the purposes of this definition, “control” when used
with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
foregoing.

     

    “Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.14 to act on
behalf of the Trustee to authenticate Securities of one or more
series.

     

    “Board of Directors” means
either the board of directors of the Company or any committee of that board duly
authorized to act hereunder.

     

    “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, or such committee
of the Board of Directors or officers of the Company to which authority to act
on behalf of the Board of Directors has been delegated, 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
and trust companies in New York, New York or Chicago, Illinois, are permitted or
required by any applicable law to close.

     

    “Capital Treatment Event”
means the reasonable determination by the Company (as evidenced by an Officers’
Certificate delivered to the Trustee) that, as a result of the occurrence of any
amendment to, or change (including any announced prospective change) in, the
laws (or any rules or regulations thereunder) of the United States or any
political subdivision thereof or therein, or as a result of any official or
administrative pronouncement or action or judicial 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
issuance of the Trust Preferred Securities of a PrivateBancorp Trust, there is
more than an insubstantial risk that the Company is, or will be within 90 days
of the date of such determination not be entitled to treat an amount equal to
the aggregate Liquidation Amount of such Trust Preferred Securities as “tier 1
capital” (or the then equivalent thereof) for purposes of the capital adequacy
guidelines of the Federal Reserve, as then in effect and applicable to the
Company.

     

    “Commission” means the
Securities and Exchange Commission, as from time to time constituted, created
under the Exchange Act, or if at any time after the execution of this instrument
such Commission is not existing and performing the duties now assigned to it
under the Trust Indenture Act, then the body performing such duties on such
date.

    
 

    
      
        
          
             

          

          
            2

            
              

            

          

          
             

          

        

      

       

    

    “Common Securities” has the
meaning specified in the first recital of this Indenture.

     

    “Company” means the Person
named as the “Company” in the first paragraph of this instrument until a
successor corporation shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Company” shall mean such successor
corporation.

     

    “Company Request” and “Company Order” mean,
respectively, the written request or order signed in the name of the Company by
the Chairman of the Board of Directors, the Chairman of the Executive Committee
of the Board of Directors, the Chief Executive Officer, the President, the Chief
Operating Officer, a Vice Chairman or a Vice President, the Treasurer, an
Assistant Treasurer, the Secretary, an Assistant Secretary or the Comptroller of
the Company, and delivered to the Trustee.

     

    “Corporate Trust Office” means
the principal office of the Trustee at which at any particular time its
corporate trust business shall be administered.

     

    “Corporation” includes a
corporation, association, company, joint-stock company or business
trust.

     

    “Debt” means with respect to
any Person, whether recourse is to all or a portion of the assets of such Person
and whether or not contingent, (i) every obligation of such Person for
money borrowed; (ii) every obligation of such Person evidenced by bonds,
debentures, notes or other similar instruments, including obligations incurred
in connection with the acquisition of property, assets or businesses;
(iii) every reimbursement obligation of such Person with respect to letters
of credit, bankers’ acceptances or similar facilities issued for the account of
such Person; (iv) every obligation of such Person issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts
payable or accrued liabilities arising in the ordinary course of business);
(v) every capital lease obligation of such Person; and (vi) every
obligation of the type referred to in clauses (i) through (vi) of
another Person and all dividends of another Person the payment of which, in
either case, such Person has guaranteed or is responsible or liable, directly or
indirectly, as obligor or otherwise.

     

    “Defaulted Interest” has the
meaning specified in Section 3.7.

     

    “Deferral Period” has the
meaning specified in Section 3.11.

     

    “Depositary” means, with
respect to the Securities of any series issuable or issued in whole or in part
in the form of one or more Global Securities, the Person designated as
Depositary by the Company pursuant to Section 3.1 with respect to such
series (or any successor thereto).

     

    “Distributions,” with respect
to the Trust Securities issued by a PrivateBancorp Trust, means amounts payable
in respect of such Trust Securities as provided in the related Trust Agreement
and referred to therein as “Distributions.”

     

    “Dollar” means the currency of
the United States of America that, as at the time of payment, is legal tender
for the payment of public and private debts.

     

    “DTC” means The Depository
Trust Company.

     

    “Event of Default” unless
otherwise specified in a supplemental indenture creating a series of Securities
has the meaning specified in Article V.

     

    
      

      
        
          
             

          

          
            3

            
              

            

          

          
             

          

        

      

       

    

    “Exchange Act” means the
Securities Exchange Act of 1934 and any statute successor thereto, in each case
as amended from time to time.

     

    “Federal Reserve” means the
Board of Governors of the Federal Reserve System, as from time to time
constituted, or if at any time after the execution of this Indenture the Federal
Reserve is not existing and performing the duties now assigned to it, then the
bodies performing such duties at such time, or the Federal Reserve Bank of
Chicago, or any successor Federal reserve bank having primary jurisdiction over
the Company.

     

    “Global Security” means a
Security in the form prescribed in Sections 2.2, 2.3 and 2.4 evidencing all
or part of a series of Securities, issued to the Depositary or its nominee for
such series, and registered in the name of such Depositary or its
nominee.

     

    “Holder” means a Person in
whose name a Security is registered in the Securities Register.

     

    “Indenture” means this
instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof and shall include the terms of each
particular series of Securities established as contemplated by
Section 3.1.

     

    “Interest Payment Date” means
as to each series of Securities the Stated Maturity of an installment of
interest on such Securities.

     

    “Investment Company Act” means
the Investment Company Act of 1940, as amended.

     

    “Investment Company Event”
means the receipt by a PrivateBancorp Trust of an Opinion of Counsel experienced
in such matters to the effect that, as a result of any (i) 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 (ii) official administrative
pronouncement or judicial decision interpreting or applying such laws or
regulations, which amendment or change is effective or which pronouncement or
decision is announced on or after the date of issuance of the Trust Preferred
Securities of such PrivateBancorp Trust, there is more than an insubstantial
risk that such PrivateBancorp Trust is, or will be within 90 days of the date of
such Opinion of Counsel, will be considered an “investment company” that is
required to be registered under the Investment Company Act.

     

    “Maturity” when used with
respect to any Security means the date on which the principal of such Security
or an installment of principal becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption, repayment at the option of the Holder or otherwise.

     

    “Notice of Default” means a
written notice of the kind specified in Section 6.2.

     

    “Officers’ Certificate” means
a certificate signed by the Chairman of the Board of Directors, the Chairman of
the Executive Committee of the Board of Directors, the Chief Executive Officer,
the President, the Chief Operating Officer, a Vice Chairman or a Vice President,
the Treasurer, an Assistant Treasurer, the Secretary, an Assistant Secretary or
the Comptroller of the Company, and delivered to the Trustee.

     

    “Opinion of Counsel” means a
written opinion of outside counsel, experienced in matters similar to the
relevant matter who may be counsel for the Company or an Affiliate of the
Company.

     

    
      

      
        
          
             

          

          
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    “Original Issue Date” means
the date of issuance specified as such in each Security.

     

    “Outstanding” means, when used
in reference to any Securities, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture,
except:

     

    (i) Securities
theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     

    (ii) Securities
for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent in trust for the
Holders of such Securities; and

     

    (iii) Securities
in substitution for or in lieu of which other Securities have been authenticated
and delivered or that have been paid pursuant to Section 3.6, unless proof
satisfactory to the Trustee is presented that any such Securities are held by
Holders in whose hands such Securities are valid, binding and legal obligations
of the Company;

     

    provided, however, that in
determining whether the Holders of the requisite principal amount of Outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities that the Trustee knows to be so owned shall be so
disregarded.  Securities so owned that have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company or any other obligor upon the Securities or
any Affiliate of the Company or such other obligor.  Upon the written
request of the Trustee, the Company shall furnish to the Trustee promptly an
Officers’ Certificate listing and identifying all Securities, if any, known by
the Company to be owned or held by or for the account of the Company, or any
other obligor on the Securities or any Affiliate of the Company or such obligor,
and, subject to the provisions of Section 6.1, the Trustee shall be
entitled to accept such Officers’ Certificate as conclusive evidence of the
facts therein set forth and of the fact that all Securities not listed therein
are Outstanding for the purpose of any such
determination.  Notwithstanding anything herein to the contrary,
Securities initially issued to a PrivateBancorp Trust that are owned by such
PrivateBancorp Trust shall be deemed to be Outstanding notwithstanding the
ownership by the Corporation or an Affiliate of any beneficial interest in such
PrivateBancorp Trust.

     

    “Paying Agent” means the
Trustee or any Person authorized by the Company to pay the principal of (and
premium, if any) or interest on any Securities on behalf of the
Company.

     

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

     

    “Place of Payment” means, with
respect to the Securities of any series, the place or places where the principal
of (and premium, if any) and interest on the Securities of such series are
payable pursuant to Sections 3.1 and 3.11.

     

    “Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of
the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any security authenticated and delivered under
Section 3.6 in exchange for or in lieu of a 

     

    
      

      
        
          
             

          

          
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    mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as
the mutilated, destroyed, lost or stolen Security.

     

    “PrivateBancorp Guarantee”
means the guarantee by the Company of distributions on the Trust Preferred
Securities of a PrivateBancorp Trust to the extent provided in a guarantee
agreement.

     

    “PrivateBancorp Trust” has the
meaning specified in the first recital of this Indenture.

     

    “Property Trustee” means, in
respect of any PrivateBancorp Trust, the commercial bank or trust company
identified as the “Property Trustee” in the related Trust Agreement, solely in
its capacity as Property Trustee of such PrivateBancorp Trust under such Trust
Agreement and not in its individual capacity, or its successor in interest in
such capacity, or any successor Property Trustee appointed as therein
provided.

     

    “Redemption Date,” when used
with respect to any Security to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture.

     

    “Redemption Price,” when used
with respect to any Security to be redeemed, means the price at which it is to
be redeemed pursuant to this Indenture.

     

    “Regular Record Date” for the
interest payable on any Interest Payment Date with respect to the Securities of
a series means, unless otherwise provided pursuant to Section 3.1 with
respect to Securities of a series, the date that is the last day of the month
immediately preceding the month in which such Interest Payment Date falls
(whether or not a Business Day).

     

    “Repayment Date,” when used
with respect to any Security to be repaid upon exercise of an option for
repayment by the Holder, means the date fixed for such repayment pursuant to
this Indenture.

     

    “Repayment Price,” when used
with respect to any Security to be repaid upon exercise of an option for
repayment by the Holder, means the price at which it is to be repaid pursuant to
this Indenture.

     

    “Responsible Officer” means,
when used with respect to the Trustee, any officer assigned to the Corporate
Trust Office with direct responsibility for the administration of this
Indenture, including any managing director, vice president, assistant vice
president, assistant treasurer, assistant secretary, any financial services
officer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers, and also,
with respect to a particular matter, any other officer, to whom such matter is
referred because of such officer’s knowledge of and familiarity with the
particular subject.

     

    “Securities” or “Security” means any debt
securities or debt security, as the case may be, authenticated and delivered
under this Indenture.

     

    “Securities Act” means the
Securities Act of 1933 (or any successor statute), as it may be amended from
time to time.

     

    “Securities Register” and
“Securities Registrar”
have the respective meanings specified in Section 3.5.

     

    “Senior Debt” means, unless
otherwise specified with respect to any series of Securities, the principal of
(and premium, if any) and interest, if any (including interest accruing on or
after the filing of any petition in bankruptcy or for reorganization relating to
the Company whether or not such claim for 

     

    
      

      
        
          
             

          

          
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    post-petition
interest is allowed in such proceeding), on Debt, whether incurred on or prior
to the date of the Indenture or thereafter incurred, unless, 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 in right of payment to the
Securities or to other Debt that is pari passu with, or
subordinated to, the Securities, indebtedness evidenced by bonds, debentures,
notes or similar instruments, similar obligations arising from off-balance sheet
guarantees and direct credit substitutes, obligations associated with derivative
products including but not limited to interest rate and foreign exchange
contracts and foreign contracts relating to mortgages, commodity contracts,
capital lease obligations and guarantees of any of the foregoing, but not
including trade accounts payable and accrued liabilities arising in the ordinary
course of business, which will rank equally in right of payment and upon
liquidation with the Securities; provided, however, Senior Debt shall
not include (i) any obligations which, by their terms, are expressly stated
to rank on parity in right of payment with, or to not be superior in right of
payment to, the junior subordinated debentures, (ii) any Debt of the
Company which when incurred and without respect to any election under
Section 1111(b) of the United States Bankruptcy Code of 1978, as amended,
was without recourse to the Company, (iii) any Debt of the Company to any
of the Company’s subsidiaries, (iv) Debt to any executive officer or
director of the Company, or (v) any debt in respect of debt securities
issued to any trust, or a trustee of such trust, partnership or other entity
affiliated with the Company that is a financing entity of the Company in
connection with the issuance of such financing entity of securities that are
similar to the Trust Preferred Securities.

     

    “Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 3.7.

     

    “Stated Maturity” when used
with respect to any Security or any installment of principal thereof or interest
thereon means the date specified pursuant to the terms of such Security as the
date on which the principal of such Security or such installment of interest is
due and payable, in the case of such principal, as such date may be shortened or
extended as provided pursuant to the terms of such Security and this
Indenture.

     

    “Subsidiary” means a
corporation more than 50% of the outstanding voting stock of which is owned,
directly or indirectly, by the Company or by one or more other Subsidiaries, or
by the Company and one or more other Subsidiaries.  The term
Subsidiary shall not include any PrivateBancorp Trust.  For purposes
of this definition, “voting stock” means stock that ordinarily has voting power
for the election of directors, whether at all times or only so long as no senior
class of stock has such voting power by reason of any contingency.

     

    “Tax Event” means the receipt
by a PrivateBancorp 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 or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Trust Preferred Securities of such PrivateBancorp
Trust, there is more than an insubstantial risk that (i) such
PrivateBancorp Trust is, or will be within 90 days of the date of such
Opinion of Counsel, subject to U.S. federal income tax with respect to income
received or accrued on the corresponding series of Securities issued by the
Company to such PrivateBancorp Trust, (ii) interest payable by the Company
on such corresponding series of Securities is not, or within 90 days of the
date of such Opinion of Counsel, will not be, deductible by the Company, in
whole or in part, for U.S. federal income tax purposes or (iii) such
PrivateBancorp Trust is, or will be within 90 days of the date of such
Opinion of Counsel, subject to more than a de minimis amount of other
taxes, duties or other governmental charges.

    
 

    
      
        
          
             

          

          
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    “Trust Agreement” means the
Trust Agreement (or an Amended and Restated Trust Agreement) under which a
PrivateBancorp Trust is created and providing for the issuance of Trust
Securities by such PrivateBancorp Trust, in each case as amended from time to
time.

     

    “Trustee” means the Person
named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Trustee” shall mean or include each Person
who is then a Trustee hereunder and, if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of any series shall
mean the Trustee with respect to Securities of that series.

     

    “Trust Indenture Act” means
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbb), as amended and as in
effect on the date as of this Indenture, except as provided in
Section 9.5.

     

    “Trust Preferred Securities”
has the meaning specified in the first recital of this Indenture.

     

    “Trust Securities” has the
meaning specified in the first recital of this Indenture.

     

    Section
1.2 Compliance Certificate and
Opinions.  Upon any application or request by the Company to
the Trustee to take any action under any provision of this Indenture, the
Company shall furnish to the Trustee such certificates and opinions as may be
required under the Trust Indenture Act.  Each such certificate or
opinion shall be given in the form of an Officers’ Certificate, if to be given
by an officer of the Company, or an Opinion of Counsel, if to be given by
Counsel, and shall comply with the requirements of the Trust Indenture Act and
any other requirements set forth in this Indenture.

     

    Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than the certificates provided pursuant to
Section 10.4) shall include:

     

    (1) a
statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     

    (2) 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;

     

    (3) a
statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

     

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

     

    Section
1.3 Forms of Documents Delivered to
Trustee.  In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to
some matters and one or more other such Persons as to other matters, and any
such Person may certify or give an opinion as to such matters in one or several
documents.

     

    Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the matters upon which his certificate or opinion is based are
erroneous.  Any such certificate or opinion of counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of,

     

    
      

      
        
          
             

          

          
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    or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

     

    Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one
instrument.

     

    Section
1.4 Acts of Holders.

     

    (a) Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments is or are
delivered to the Trustee, and, where it is hereby expressly required, to the
Company.  Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments.  Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor
of the Trustee and the Company, if made in the manner provided in this
Section.

     

    (b) The fact
and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by the certificate of
any notary public or other officer authorized by law to take acknowledgments of
deeds, certifying that the individual signing such instrument or writing
acknowledged to him the execution thereof.  Where such execution is by
a Person acting in other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority.

     

    (c) The fact
and date of the execution by any Person of any such instrument or writing, or
the authority of the Person executing the same, may also be proved in any other
manner that the Trustee deems sufficient.

     

    (d) The
ownership of Securities shall be proved by the Securities Register.

     

    (e) Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.

     

    (f) The
Company may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders of Securities of such series, provided that the Company may
not set a record date for, and the provisions of this paragraph shall not apply
with respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph.  If any record date is
set pursuant to this paragraph, the Holders of Outstanding Securities of the
relevant series on such record date, and no other Holders, shall be entitled to
take the relevant action, whether or not such Holders remain Holders after such
record date, provided
that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date (as hereinafter in this Section provided) by
Holders of the requisite principal amount of Outstanding Securities of such
series on such record date.  Nothing in 

     

    
      

      
        
          
             

          

          
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    this
paragraph shall be construed to prevent the Company from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken.  Promptly after any record
date is set pursuant to this paragraph, the Company, at its own expense, shall
cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Trustee in writing and to each
Holder of Securities of the relevant series in the manner set forth in
Section 1.6.

     

    The
Trustee may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to join in the giving
or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 5.2, (iii) any request to
institute proceedings referred to in Section 5.7(2) or (iv) any
direction referred to in Section 5.12, in each case with respect to
Securities of such series.  If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders
after such record date, provided that no such action
shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date.  Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant
series on the date such action is taken.  Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in
Section 1.6.

     

    With
respect to any record date set pursuant to this Section, the party hereto that
sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day, provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to
the other party hereto in writing, and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6, on or prior to the
existing Expiration Date.  If an Expiration Date is not designated
with respect to any record date set pursuant to this Section, the party hereto
that set such record date shall be deemed to have initially designated the
180th day
after such record date as the Expiration Date with respect thereto, subject to
its right to change the Expiration Date as provided in this
paragraph.  Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day
after the applicable record date.

     

    (g) Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any
part of such principal amount.

     

    Section
1.5 Notices, Etc. to Trustee and
Company.  Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed
with,

     

    
      

      
        
          
             

          

          
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    (1) the
Trustee by any Holder, any holder of Trust Preferred Securities or the Company
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Trustee at its Corporate Trust Office,
or

     

    (2) the
Company by the Trustee, any Holder or any holder of Trust Preferred Securities
shall be sufficient for every purpose (except as otherwise provided in
Section 5.1) hereunder if in writing and mailed, first class, postage
prepaid, to the Company addressed to it at the address of its principal office
specified in the first paragraph of this instrument or at any other address
previously furnished in writing to the Trustee by the Company.

     

    Section
1.6 Notice to Holders;
Waiver.  Where this Indenture provides for notice to Holders of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first class postage prepaid, to
each Holder affected by such event, at the address of such Holder as it appears
in the Securities Register, not later than the latest date, and not earlier than
the earliest date, prescribed for the giving of such notice.  In any
case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other
Holders.  In case, by reason of the suspension of or irregularities in
regular mail service or for any other reason, it shall be impossible or
impracticable to mail notice of any event to Holders when said notice is
required to be given pursuant to any provision of this Indenture or of the
relevant Securities, then any manner of giving such notice as shall be
satisfactory to the Trustee shall be deemed to be a sufficient giving of such
notice.  Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice.  Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.

     

    Section
1.7 Conflict with Trust Indenture
Act.  If any provision hereof limits, qualifies or conflicts
with a provision of the Trust Indenture Act that is required under such Act to
be a part of and govern this Indenture, the latter provision shall
control.  If any provision of this Indenture modifies or excludes any
provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this Indenture as so modified or to
be excluded, as the case may be.

     

    Section
1.8 Effect of Headings and Table of
Contents.  The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the
construction hereof.

     

    Section
1.9 Successors and
Assigns.  All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or
not.

     

    Section
1.10 Separability
Clause.  In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     

    Section
1.11 Benefits of
Indenture.  Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, the holders of Senior Debt and assigns, the holders
of the Trust Preferred Securities and the Holders of the Securities, any benefit
or any legal or equitable right, remedy or claim under this
Indenture.

     

    Section
1.12 Governing
Law.  This
Indenture and the Securities shall be governed by and construed and interpreted
in accordance with the laws of the State of Illinois.

     

    Section
1.13 Legal Holidays.  In
any case where any Interest Payment Date, Redemption Date, Repayment Date or
Stated Maturity of any Security shall not be a Business Day at any Place of
Payment, 

     

    
      

      
        
          
             

          

          
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    then
(notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security that specifically states that such
provision shall apply in lieu of this Section) payment of interest or principal
(and premium, if any) need not be made on such date, but may be made on the next
succeeding Business Day at such Place of Payment (and no interest shall accrue
for the period from and after such Interest Payment Date, Redemption Date,
Repayment Date or Stated Maturity, as the case may be, until such next
succeeding Business Day except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day (in each case with the same force and effect as if made
on the Interest Payment Date, Redemption Date or Repayment Date or at the Stated
Maturity).

     

    ARTICLE II

     

    SECURITY
FORMS

     

    Section
2.1 Forms
Generally.  The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form as shall
be established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with applicable tax laws or the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution
thereof.  If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of
such action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 3.3 with respect to the authentication and
delivery of such Securities.

     

    The
definitive Securities shall be printed, lithographed or engraved or produced by
any combination of these methods, if required by any securities exchange on
which the Securities may be listed, on a steel engraved border or steel engraved
borders or may be produced in any other manner permitted by the rules of any
securities exchange on which the Securities may be listed, all as determined by
the officers executing such Securities, as evidenced by their execution of such
Securities.

     

    Securities
distributed to holders of Trust Preferred Securities in book-entry form shall be
distributed in the form of one or more Global Securities registered in the name
of a Depositary or its nominee, and deposited with the Security Registrar, as
custodian for such Depositary, or held by such Depositary, for credit by the
Depositary to the respective accounts of the beneficial owners of the Securities
represented thereby (or such other accounts as they may
direct).  Securities distributed to holders of Trust Preferred
Securities held in non book-entry definitive form shall not be issued in the
form of a Global Security or any other form intended to facilitate book-entry
trading in beneficial interests in such Securities.

     

    Section
2.2 Form of Face of
Security.  THIS NOTE IS NOT A DEPOSIT OR OTHER OBLIGATION OF A
DEPOSITORY INSTITUTION AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     

    [Insert
any legend required by the Internal Revenue Code and the regulations
thereunder.]

     

    PRIVATEBANCORP,
INC.

    (TITLE OF
SECURITY)

     

    
    

     

    
      	 No.  	  $

    

      

    
      
        

        
          
            
               

            

            
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    PRIVATEBANCORP,
INC., a Delaware corporation (hereinafter called the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to __________, or registered assigns, the
principal sum of __________ Dollars [If the Security is a Global
Security, then insert, if applicable—, or such other principal amount as
may be set forth in the records of the Securities Registrar hereinafter referred
to in accordance with the Indenture,] on __________, [If applicable, insert—or such
earlier date as may be specified by the Company following a Remarketing (such
date is hereinafter referred to as] [(]the “Stated Maturity
Date”).  The Company further promises to pay interest on said
principal sum from __________, or from the most recent interest payment date
(each such date, an “Interest
Payment Date”) on which interest has been paid or duly provided for,
[monthly] [quarterly] [semi-annually] [If applicable,
insert—(subject to deferral as set forth herein)] in arrears on [Insert applicable Interest Payment
Dates] of each year, commencing __________, at the rate of __________%
per annum [If applicable, describe method for
calculating floating rate], until the principal hereof shall have become
due and payable, [If
applicable, insert—plus Additional Interest, if any,] until the principal
hereof is paid or duly provided for or made available for payment [If applicable, insert—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 the rate of __________% per annum, compounded
[monthly] [quarterly] [semi-annually]].  The amount of interest
payable for any period less than a full interest period shall be computed on the
basis of twelve 30-day months and a 360-day year and the actual number of days
elapsed in a partial month in a period.  In the event that any date on
which interest is payable on this Security is not a Business Day, then a payment
of the interest payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of
any such delay), except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day, in each case with the same force and effect as if made on the date the
payment was originally payable.  A “Business Day” shall mean any
day other than a Saturday, Sunday, or any other day on which banking
institutions and trust companies in New York, New York or Chicago, Illinois, are
permitted or required by any applicable law to close [If applicable, insert—, or
the principal office of the Property Trustee under the Trust Agreement
hereinafter referred to for [PrivateBancorp Trust ] is closed for
business].  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 Security (or one or more
Predecessor Securities is registered at the close of business on the Regular
Record Date for such interest installment, which shall be the __________ [Insert definition of Regular Record
Dates].  Any such interest installment not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

     

    [If applicable, insert—So long
as no Event of Default has occurred and is continuing, the Company shall have
the right at any time during the term of this Security to defer payment of
interest on this Security, at any time or from time to time, for up to
consecutive [monthly] [quarterly] [semi-annual] interest payment periods with
respect to each deferral period (each an “Deferral Period”), during
which Deferral Periods the Company shall have the right to make partial payments
of interest on any Interest Payment Date, and at the end of which the Company
shall pay all interest then accrued and unpaid (together with Additional
Interest thereon to the extent permitted by applicable law); provided, however, that no Deferral
Period shall extend beyond the Stated Maturity of the principal of this
Security; provided,
however, that during
any such Deferral Period, the Company shall not, and shall not permit any
Subsidiary of the Company to, (i) declare or pay any dividends or
distributions on any shares of the 

     

    
      
        

        
          
            
               

            

            
              13

              
                

              

            

            
               

            

          

        

         

      

    

    Company’s
capital stock, or redeem, purchase, acquire or make a liquidation payment with
respect to, any shares of the Company’s preferred stock, (ii) make any
payment of principal of or interest or premium, if any, on or repay, repurchase
or redeem any debt security of the Company that ranks pari passu in all respects
with or junior in interest to this Security (except for partial payments of
interest with respect to the Security) or (iii) make any guarantee payments
with respect to any guarantee by the Company of the debt securities of any
Subsidiary of the Company that by their terms rank pari passu in all respects
with or junior in interest to this Security (other than (a) any repurchase,
redemption or other acquisition of shares of the Company’s capital stock in
connection with (1) any employment contract, benefit plan or other similar
arrangement with or for the benefit of any one or more employees, officers,
directors, consultants or independent contractors, (2) the satisfaction of
the Company’s obligations pursuant to any contract entered into in the ordinary
course prior to the beginning of the Deferral Period, (3) a dividend
reinvestment or stockholder purchase plan, or (4) the issuance of the
Company’s capital stock, or securities convertible into or exercisable for such
capital stock, as consideration in an acquisition transaction entered into prior
to the applicable Deferral Period; (b) any exchange, redemption or
conversion of any class or series of the Company’s capital stock, or the capital
stock of one of its subsidiaries, for any other class or series of the Company’s
capital stock, or any class or series of the Company’s indebtedness for any
class or series of its capital stock; (c) any 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 securities being converted or
exchanged; (d) any declaration of a dividend in connection with any rights
plan, or the issuance of rights, stock or other property under any rights plan,
or the redemption or repurchase of rights pursuant thereto; (e) payments
under any PrivateBancorp Guarantee executed for the benefit of the holders of
the Trust Preferred Securities; or (f) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or 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 equally with or junior to such
stock).  Prior to the termination of any such Deferral Period, the
Company may further extend the interest payment period, provided that no Deferral
Period shall exceed consecutive [months] [quarters] [semi-annual periods] or
extend beyond the Stated Maturity of the principal of this
Security.  Upon the termination of any such Deferral Period and upon
the payment of all accrued and unpaid interest and any Additional Interest then
due, the Company may elect to begin a new Deferral Period, subject to the above
requirements.  No interest shall be due and payable during an Deferral
Period except at the end thereof.  The Company shall give the [Holder
of this Security and the] Trustee notice of its election to begin or extend any
Deferral Period at least ten Business Days prior to the date on which
Distributions on the Trust Preferred Securities would be payable but for the
election to begin or extend such Deferral Period.  The Trustee or its
designee shall give notice of the Company’s election to begin or extend any
Deferral Period to the Property Trustee.]

     

    Payment
of the principal of (and premium, if any) and interest on this Security will be
made at the office or agency of the Company maintained for that purpose in the
United States, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts
[If applicable,
insert—; provided, however, that at the option
of the Company payment of interest may be made (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Securities Register or (ii) by wire transfer in immediately available funds
at such place and to such account as may be designated by the Person entitled
thereto as specified in the Securities Register in writing not less than ten
days before the date of the interest payment].

     

    The
indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and junior in right of payments to the prior payment in full of all
Senior Debt, and this Security is issued subject to the provisions of the
Indenture with respect thereto.  Each Holder of this Security, by
accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his behalf to take such actions
as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his attorney-in-fact for any and all such
purposes.  

     

    
      
        

        
          
            
               

            

            
              14

              
                

              

            

            
               

            

          

        

         

      

    

    Each
Holder hereof, by his acceptance hereof, 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 holder upon said provisions.

     

    Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    
      
        	 	
                PRIVATEBANCORP,
      INC.

              	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	
                [PRESIDENT
      OR VICE PRESIDENT]

              	 
	 	 	 	 
	 	 	 	 

      

    

     

    
      
        	 Attest:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                 

              	 	 	
                 

              	 
	
                [SECRETARY
      OR ASSISTANT SECRETARY]

              	 	 	
                 

              	 
	
                 

              	 	 	
                 

              	 

      

    

     

    Section
2.3 Form of Reverse of
Security.  This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of __________, 2008
(herein called the “Indenture”), between the
Company and Wilmington Trust Company, as Trustee (herein called the “Trustee”, which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Trustee, the Company and the Holders of the Securities, and of the terms
upon which the Securities are, and are to be, authenticated and
delivered.  [If
applicable, insert—By the terms of the Indenture, the Securities are
issuable in series that may vary as to amount, date of maturity, rate of
interest, rank and in any other respect provided in the Indenture.]

     

    All terms
used in this Security that are defined in the Indenture [If applicable, insert—or in
the Amended and Restated Trust Agreement, dated as of __________, as amended
(the “Trust
Agreement”), for [PrivateBancorp Trust] among PRIVATEBANCORP, INC., as
Sponsor, and the Trustees named therein, shall have the meanings assigned to
them in the Indenture [If
applicable, insert—or the Trust Agreement, as the case may be
].

     

    [If applicable, insert — The Company may at any time, at its
option, on or after __________, and subject to the terms and conditions of
Article XI of the Indenture, redeem this Security in whole at any time or
in part from time to time, without premium or penalty, at a redemption price
equal to 100% of the principal amount thereof plus accrued and unpaid interest
[If
applicable, insert—including Additional Interest, if
any] to the Redemption Date.]

     

    [If
applicable, describe rate reset.]

    
 

    
      
        
          
            
               

            

            
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    [If
applicable, describe Remarketing.]

     

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

     

    The
Indenture contains provisions for satisfaction and discharge of the entire
indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture.

     

    The
Indenture permits, with certain exceptions as therein provided, the Company and
the Trustee at any time to enter into a supplemental indenture or indentures for
the purpose of modifying in any manner the rights and obligations of the Company
and of the Holders of the Securities, with the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities of each
series to be affected by such supplemental indenture.  The Indenture
also contains provisions permitting Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences.  Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

     

    As
provided in and subject to the provisions of the Indenture, if an Event of
Default with respect to the Securities of this series at the time Outstanding
occurs and is continuing, then and in every such case the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Securities of this
series may declare the principal amount of all the Securities of this series to
be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), provided that, in the case of
the Securities of this series issued to a PrivateBancorp Trust, if upon an Event
of Default, the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series fails to declare the principal of
all the Securities of this series to be immediately due and payable, the holders
of at least 25% in aggregate Liquidation Amount (as defined in the Trust
Agreement) of the Trust Preferred Securities of such PrivateBancorp Trust then
outstanding shall have such right by a notice in writing to the Company and the
Trustee; and upon any such declaration the principal amount of and the accrued
interest (including any Additional Interest) on all the Securities of this
series shall become immediately due and payable, provided that the payment of
principal and interest (including any Additional Interest) on such Securities
shall remain subordinated to the extent provided in Article XIII of the
Indenture.

     

    No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of (and premium, if any) and interest on
this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Securities Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company maintained under Section 10.2 of the Indenture duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Securities Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new
Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.  No service charge shall be

     

    

      
        
          
            
               

            

            
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    made for
any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     

    Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee shall treat the Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.

     

    The
Securities of this series are issuable only in registered form without coupons
in minimum denominations of $1,000 and any integral multiples of $1,000 in
excess thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of such series of a different
authorized denomination, as requested by the Holder surrendering the
same.

     

    The
Company and, by its acceptance of this Security or a beneficial interest
therein, the Holder of, and any Person that acquires a beneficial interest in,
this Security agree that for U.S. federal, state and local tax purposes it is
intended that this Security constitute indebtedness.

     

    The
Indenture and this Security shall be governed by and construed and interpreted
in accordance with the laws of the State of Illinois.

     

    Section
2.4 Additional Provisions Required in
Global Security.  Unless otherwise specified as contemplated by
Section 3.1 for the Securities evidenced thereby, every Global Security
authenticated and delivered hereunder shall bear a legend in substantially the
following form:

     

    THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART
FOR SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR
A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE  & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE  & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE
 & CO., HAS AN INTEREST HEREIN.

     

    Section
2.5 Form of Trustee’s Certificate of
Authentication.  The Trustee’s certificate of authentication
shall be substantially in the following form:

     

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

    

     

    

      
        
          
            
               

            

            
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                    WILMINGTON TRUST
      COMPANY,

                  	 
	 	 Not
      in its individual capacity but solely as Trustee	 
	 	 	 	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	
                    AUTHORIZED
      OFFICER

                  	 
	 	 	 	 
	 	 	 	 

          

        

         

         

      

    

    ARTICLE III

     

    THE
SECURITIES

     

    Section
3.1 Amount Unlimited Issuable in
Series.  The aggregate principal amount of Securities that may
be authenticated and delivered under this Indenture is unlimited.

     

    The
Securities may be issued in one or more series.  There shall be
established in or pursuant to a Board Resolution, and, subject to
Section 3.3, set forth, or determined in the manner provided, in an
Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

     

    (a) the title
of the Securities of such series, which shall distinguish the Securities of the
series from all other Securities;

     

    (b) the
limit, if any, upon the aggregate principal amount of the Securities of such
series that may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of the series pursuant to
Section 3.4, 3.5, 3.6, 9.6, 11.6 or 14.3 and except for any Securities
that, pursuant to Section 3.3, are deemed never to have been authenticated
and delivered hereunder); provided, however, that the authorized
aggregate principal amount of such series may be increased above such amount by
a Board Resolution to such effect;

     

    (c) the
Stated Maturity or Maturities on which the principal of the Securities of such
series is payable or the method of determination thereof;

     

    (d) the rate
or rates, if any, at which the Securities of such series shall bear interest,
the rate or rates and extent to which Additional Interest, if any, shall be
payable in respect of any Securities of such series, or the method or methods by
which such rate or rates may be determined, whether payment of interest will be
contingent in any respect and/or the interest rate reset, the date or dates from
which such interest or Additional Interest shall accrue, the Interest Payment
Dates on which such interest shall be payable, the right, pursuant to
Section 3.11 or as otherwise set forth therein, of the Company to defer or
extend an Interest Payment Date, the Regular Record Date for the interest
payable on any Security on any Interest Payment Date and other circumstances, if
any, in which the Company may defer interest payments, or the method by which
any of the foregoing shall be determined;

     

    (e) if
applicable, the remarketing or extension features of the Securities of the
series;

     

    (f) the place
or places where the principal of (and premium, if any) and interest on the
Securities of such series shall be payable, the place or places where the
Securities of such series may be presented for registration of transfer or
exchange, and the place or places where notices and demands to or upon the
Company in respect of the Securities of such series may be made;

    
 

    
      
        
          
            
               

            

            
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    (g) the
period or periods within or the date or dates on which, if any, the price or
prices at which and the terms and conditions upon which the Securities of such
series may be redeemed, in whole or in part, at the option of the
Company;

     

    (h) the
obligation or the right, if any, of the Company to redeem, repay or purchase the
Securities of such series pursuant to any sinking fund, amortization or
analogous provisions, or at the option of a Holder thereof, and the period or
periods within which, the price or prices at which, the currency or currencies
(including currency unit or units) in which and the other terms and conditions
upon which Securities of the series shall be redeemed, repaid or purchased, in
whole or in part, pursuant to such obligation;

     

    (i) the
denominations in which any Securities of such series shall be issuable, if other
than denominations of $1,000 and any integral multiple of $1,000 in excess
thereof;

     

    (j) if other
than Dollars, the currency or currencies (including currency unit or units) in
which the principal of (and premium, if any) and interest, if any, on the
Securities of the series shall be payable, or in which the Securities of the
series shall be denominated and the manner of determining the equivalent thereof
in Dollars for purposes of the definition of Outstanding;

     

    (k) the
additions, modifications or deletions, if any, in the Events of Default or
covenants of the Company set forth herein with respect to the Securities of such
series;

     

    (l) if other
than the principal amount thereof, the portion of the principal amount of
Securities of such series that shall be payable upon declaration of acceleration
of the Maturity thereof;

     

    (m) any index
or indices used to determine the amount of payments of principal of and premium,
if any, on the Securities of such series or the manner in which such amounts
will be determined;

     

    (n) whether
the Securities of the series, or any portion thereof, shall initially be
issuable in the form of a temporary Global Security representing all or such
portion of the Securities of such series and provisions for the exchange of such
temporary Global Security for definitive Securities of such series;

     

    (o) if
applicable, that any Securities of the series shall be issuable in whole or in
part in the form of one or more Global Securities and, in such case, the
respective Depositaries for such Global Securities, the form of any legend or
legends that shall be borne by any such Global Security in addition to or in
lieu of that set forth in Section 2.4 and any circumstances in addition to
or in lieu of those set forth in Section 3.5 in which any such Global
Security may be exchanged in whole or in part for Securities registered, and any
transfer of such Global Security in whole or in part may be registered, in the
name or names of Persons other than the Depositary for such Global Security or a
nominee thereof;

     

    (p) the
appointment of any Paying Agent or Agents for the Securities of such
series;

     

    (q) the terms
of any right to convert or exchange Securities of such series into any other
securities or property of the Company, and the additions or changes, if any, to
this Indenture with respect to the Securities of such series to permit or
facilitate such conversion or exchange;

     

    (r) if
applicable, the PrivateBancorp Trust, Trust Agreement and PrivateBancorp
Guarantee relating to the Securities of such series;

     

    

      
        
          
            
               

            

            
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    (s) the
relative degree, if any, to which the Securities of the series shall be senior
to or be subordinated to other series of Securities in right of payment, whether
such other series of Securities are Outstanding or not;

     

    (t) if
applicable, that the subordination provisions of Article XIII shall apply
to the Securities of the series or that any different subordination provisions,
including a different definition of the term ‘Senior Debt’ shall apply to the
Securities of such series; and

     

    (u) any other
terms of the Securities of such series (which terms shall not be inconsistent
with the provisions of this Indenture).

     

    All
Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided herein or in or pursuant to
such Board Resolution and set forth in such Officers’ Certificate or in any such
indenture supplemental hereto.

     

    If any of
the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by
the Secretary or an Assistant Secretary of the Company and delivered to the
Trustee at or prior to the delivery of the Officers’ Certificate setting forth
the terms of the series.

     

    Section
3.2 Denominations.  The
Securities of each series shall be in registered form without coupons and shall
be issuable in denominations of $1,000 and any integral multiple of $1,000 in
excess thereof, unless otherwise specified as contemplated by
Section 3.1.

     

    Section
3.3 Execution, Authentication, Delivery
and Dating.  The Securities shall be executed on behalf of the
Company by its President or one of its Vice Presidents and attested by its
Secretary or one of its Assistant Secretaries.  The signature of any
of these officers on the Securities may be manual or facsimile.

     

    Securities
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities.  At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities
of any series executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities.  If the form or terms of the
Securities of the series have been established by or pursuant to one or more
Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to
receive, and (subject to Section 6.1) shall be fully protected in relying
upon, an Opinion of Counsel stating,

     

    (1) if the
form of such Securities has been established by or pursuant to Board Resolution
as permitted by Section 2.1, that such form has been established in
conformity with the provisions of this Indenture;

     

    (2) if the
terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been
established in conformity with the provisions of this Indenture;
and

     

    (3) that such
Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will

     

    

      
        
          
            
               

            

            
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    constitute
valid and legally binding obligations of the Company enforceable in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles.

     

    If such
form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the
Securities and this Indenture or otherwise in a manner that is not reasonably
acceptable to the Trustee.

     

    Notwithstanding
the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not
be necessary to deliver the Officers’ Certificate otherwise required pursuant to
Section 3.1 or the Company Order and Opinion of Counsel otherwise required
pursuant to such preceding paragraph at or prior to the authentication of each
Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be
issued.

     

    Each
Security shall be dated the date of its authentication.

     

    No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by the manual signature of one of its authorized officers, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.  Notwithstanding the foregoing, if any Security shall have
been authenticated and delivered hereunder but never issued and sold by the
Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.9, for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this
Indenture.

     

    Section
3.4 Temporary
Securities.  Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities that are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any denomination,
substantially of the tenor of the definitive Securities of such series in lieu
of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may
determine, as evidenced by their execution of such Securities.

     

    If
temporary Securities of any series are issued, the Company will cause definitive
Securities of such series to be prepared without unreasonable
delay.  After the preparation of definitive Securities, the temporary
Securities shall be exchangeable for definitive Securities upon surrender of the
temporary Securities at the office or agency of the Company designated for that
purpose without charge to the Holder.  Upon surrender for cancellation
of any one or more temporary Securities, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations having
the same Original Issue Date and Stated Maturity and having the same terms as
such temporary Securities.  Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

     

    Section
3.5 Registration, Transfer and
Exchange.  The Company shall cause to be kept at each office or
agency maintained for registrations of transfers and exchanges in a Place of
Payment pursuant to Section 10.2 with respect to the Securities of each
series a register in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities.  Each such register is herein sometimes
referred to as the “Securities

     

    

      
        
          
            
               

            

            
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    Register.”  The
Company shall designate one Person to maintain the Securities Register for the
Securities of each series on a consolidated basis, and such Person is referred
to herein, with respect to such series, as the “Securities
Registrar.”  The Company appoints the Trustee as Securities
Registrar unless otherwise specified with respect to any particular series in
accordance with Section 3.1.  Anything herein to the contrary
notwithstanding, the Company may designate one or more of its offices as an
office in which a register with respect to the Securities of one or more series
shall be maintained, and the Company may designate itself the Securities
Registrar with respect to one or more of such series.  The Company may
revoke any designation of a Securities Registrar theretofore made by
it.  The Securities Register shall be open for inspection by the
Trustee and the Company at all reasonable times.

     

    Upon
surrender for registration of transfer of any Security at the office or agency
of the Company designated for that purpose the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series of any authorized
denominations, of a like aggregate principal amount, of the same Original Issue
Date and Stated Maturity and having the same terms.

     

    At the
option of the Holder, Securities may be exchanged for other Securities of the
same series of any authorized denominations, of a like aggregate principal
amount, of the same Original Issue Date and Stated Maturity and having the same
terms, upon surrender of the Securities to be exchanged at such office or
agency.  Whenever any securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the
Securities that the Holder making the exchange is entitled to
receive.

     

    All
Securities issued upon any transfer or exchange of Securities shall be the valid
obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Securities surrendered upon such transfer
or exchange.

     

    Every
Security presented or surrendered for transfer or exchange shall (if so required
by the Company or the Securities Registrar) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the
Securities Registrar, duly executed by the Holder thereof or his attorney duly
authorized in writing.

     

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

     

    The
provisions of Clauses (1), (2), (3) and (4) below shall apply only to
Global Securities:

     

    (1) Each
Global Security authenticated under this Indenture shall be registered in the
name of the Depositary designated for such Global Security or a nominee thereof
and delivered to such Depositary or a nominee thereof or custodian therefor, and
each such Global Security shall constitute a single Security for all purposes of
this Indenture.

     

    (2) Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in
whole or in part for Securities registered, and no transfer of a Global Security
in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such
Depositary (i) has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security and no successor Depository has
been appointed within 90 days of this notice or (ii) has ceased to be
a clearing agency registered under the Exchange Act at a time when the
Depositary is required to be so registered to act as depositary and no successor
Depository has been appointed within 90 days after the Company has learned
that the Depositary has ceased to be so 

    
 

    
      
        
          
             

          

          
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    registered,
(B) there shall have occurred and be continuing an Event of Default with
respect to such Global Security, (C) the Company in its sole discretion
determines that such Global Security will be so exchangeable or transferable or
(D) there shall exist such circumstances, if any, in addition to or in lieu
of the foregoing as have been specified for this purpose as contemplated by
Section 3.1.

     

    (3) Subject
to Clause (2) above, any exchange of a Global Security for other Securities
may be made in whole or in part, and all Securities issued in exchange for a
Global Security or any portion thereof shall be registered in such names as the
Depositary for such Global Security shall direct.

     

    (4) Every
Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether
pursuant to this Section, Section 3.4, 3.6, 9.6, 11.6 or 14.3 or otherwise,
shall be authenticated and delivered in the form of, and shall be, a Global
Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.

     

    (5) Neither
any members of, or participants in, the Depositary nor any other Persons on
whose behalf such members or participants may act shall have any rights under
this Indenture with respect to any Global Security registered in the name of the
Depositary or any nominee thereof, and the Depositary or such nominee, as the
case may be, may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner and holder of such Global Security
for all purposes whatsoever.  None of the Company, the Trustee, any
Paying Agent, any Securities Registrar, any authenticating agent or any other
agent of the Company or any agent of the Trustee shall have any responsibility
or liability for any aspect of the records relating to or payments made on
account of beneficial ownership interests of a Security in the form of a Global
Security, or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.  The Company, the Trustee, any
Paying Agent, any Securities Registrar and any other agent of the Company and
any agent of the Trustee shall be entitled to deal with any depositary
(including any Depositary), and any nominee thereof, that is the holder of any
such Global Security for all purposes of this Indenture relating to such Global
Security (including the payment of principal, premium, if any, and interest, if
any, and the giving of instructions or directions by or to the owner or holder
of a beneficial ownership interest in such Global Security) as the sole holder
of such Global Security and shall have no obligations to the beneficial owners
thereof.  None of the Company, the Trustee, any Paying Agent, any
Securities Registrar or any other agent of the Company or any agent of the
Trustee shall have any responsibility or liability for any acts or omissions of
any such depositary with respect to such Global Note, for the records of any
such depositary, including records in respect of beneficial ownership interests
in respect of any such Global Security, for any transactions between such
depositary and any members or participants in the Depositary or other
participant in such depositary or between or among any such depositary, any such
member or participant in the Depositary or other participant and/or any holder
or owner of a beneficial interest in such Global Security or for any transfers
of beneficial interests in any such Global Security.  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 the Depositary or such
nominee, as the case may be, or impair, as between the Depositary, members or
participants of the Depositary and any other Person on whose behalf a member or
participant of the Depositary may act, the operation of customary practices of
such Persons governing the exercise of the rights of a beneficial holder of any
Global Security.

     

    Neither
the Company nor the Trustee shall be required, pursuant to the provisions of
this Section, (a) to issue, register the transfer of or exchange any
Security of any series during a period beginning at the opening of business
15 days before the day of selection for redemption of Securities pursuant
to Article XI and ending at the close of business on the day of mailing of
notice of redemption or (b) to 

     

    

      
        
          
            
               

            

            
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    transfer
or exchange any Security so selected for redemption in whole or in part, except,
in the case of any Security to be redeemed in part, any portion thereof not to
be redeemed.

     

    Section
3.6 Mutilated, Destroyed, Lost and
Stolen Securities.  If any mutilated Security is surrendered to
the Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same issue and series of like
tenor and principal amount, having the same Original Issue Date and Stated
Maturity, and bearing a number not contemporaneously outstanding.

     

    If there
shall be delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security, and
(ii) such security or indemnity as may be required by them to save each of
them and any agent of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same issue and series of like tenor and principal amount, having the same
Original Issue Date and Stated Maturity as such destroyed, lost or stolen
Security, and bearing a number not contemporaneously outstanding.

     

    In case
any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a
new Security, pay such Security.

     

    Upon the
issuance of any new Security under this Section, the Company and the Trustee 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 other expenses (including
the fees and expenses of the Trustee) connected therewith.

     

    Every new
Security of any series issued pursuant to this Section in lieu of any
destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Company, whether or not the destroyed, lost or
stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder.

     

    The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities.

     

    Section
3.7 Payment of Interest; Interest Rights
Preserved.  Interest on any Security of any series that is
payable, and is punctually paid or duly provided for, on any Interest
Payment Date, shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest in respect of Securities of such series,
except that, unless otherwise provided in the Securities of such series,
interest payable on the Stated Maturity of the principal of a Security shall be
paid to the Person to whom principal is paid.  The initial payment of
interest on any Security of any series that is issued between a Regular Record
Date and the related Interest Payment Date shall be payable as provided in such
Security or in the Board Resolution pursuant to Section 3.1 with respect to
the related series of Securities.

     

    Any
interest on any Security that is payable, but is not timely paid or duly
provided for, on any Interest Payment Date for Securities of such series (herein
called “Defaulted
Interest”), shall forthwith cease to be payable to the registered Holder
on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

     

    

      
        
          
            
               

            

            
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    (1) The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series in respect of which interest is in
default (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 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 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 that shall be not more
than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 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 Holder of a Security of such series at the
address of such Holder as it appears in the Securities Register not less than
10 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 the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following
Clause (2).

     

    (2) The
Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities of the series in respect of which interest is in default may be
listed and, upon such notice as may be required by such exchange (or by the
Trustee if the Securities are not listed), if, after notice given by the Company
to the Trustee of the proposed payment pursuant to this Clause, such payment
shall be deemed practicable by the Trustee.

     

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

     

    Section
3.8 Persons Deemed
Owners.  The Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name any Security is registered as
the owner of such Security for the purpose of receiving payment of principal of
and any premium and (subject to Section 3.7) any interest on such Security
and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

     

    No holder
of any beneficial interest in any Global Security held on its behalf by a
Depositary shall have any rights under this Indenture with respect to such
Global Security, 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 Security
for all purposes whatsoever.  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 Security.

     

    

      
        
          
            
               

            

            
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    Section
3.9 Cancellation.  All
Securities surrendered for payment, redemption, repayment, transfer or exchange
shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee, and any such Securities and Securities surrendered directly to the
Trustee for any such purpose shall be promptly cancelled by it.  The
Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder that the Company may have
acquired in any manner whatsoever, and all Securities so delivered shall be
promptly cancelled by the Trustee.  No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section, except as expressly permitted by this Indenture.  All
cancelled Securities shall be destroyed by the Trustee and the Trustee shall
deliver to the Company a certificate of such destruction.

     

    Section
3.10 Computation of
Interest.  Except as otherwise specified as contemplated by
Section 3.1 for Securities of any series, interest on the Securities of
each series for any partial period shall be computed on the basis of a 360-day
year of twelve 30-day months and the actual days elapsed in a partial month in
such period.

     

    Section
3.11 Deferrals of Interest Payment
Dates.  If specified as contemplated by Section 2.1 or
Section 3.1 with respect to the Securities of a particular series, so long
as no Event of Default has occurred and is continuing, the Company shall have
the right, at any time during the term of such series, from time to time to
defer the payment of interest on such Securities for such period or periods as
may be specified as contemplated by Section 3.1, but not less than 20
consecutive quarters (each, an “Deferral Period”), during
which Deferral Periods the Company shall if so specified as contemplated by
Section 3.1, have the right to make partial payments of interest on any
Interest Payment Date.  The Company shall exercise such right to defer
the payment of the interest on such Securities at its option or when directed to
do so by the Federal Reserve.  No Deferral Period shall end on a date
other than an Interest Payment Date.  At the end of any such Deferral
Period the Company shall pay all interest then accrued and unpaid on the
Securities (together with Additional Interest thereon, if any, at the rate
specified for the Securities of such series to the extent permitted by
applicable law); provided, however, that no Deferral
Period shall extend beyond the Stated Maturity of the principal of the
Securities of such series; provided, further, that, unless
otherwise specified as contemplated by Section 3.4, that during any such
Deferral Period, the Company shall not, and shall not permit any Subsidiary to,
(i) declare or pay any dividends or distributions on any shares of the
Company’s capital stock, or redeem, purchase, acquire or make a liquidation
payment with respect to, any shares of the Company’s preferred stock,
(ii) make any payment of principal of or interest or premium, if any, on or
repay, repurchase or redeem any debt security of the Company that ranks pari passu in all respects
with or junior in interest to the Securities of such series (except for partial
payments of interest with respect to such series of Securities) or
(iii) make any guarantee payments with respect to any guarantee by the
Company of the debt securities of any Subsidiary of the Company that by their
terms rank pari passu
in all respects with or junior in interest to the securities of such series
(other than (a) any repurchase, redemption or other acquisition of shares
of the Company’s capital stock in connection with (1) any employment
contract, benefit plan or other similar arrangement with or for the benefit of
any one or more employees, officers, directors, consultants or independent
contractors, (2) the satisfaction of the Company’s obligations pursuant to
any contract entered into in the ordinary course prior to the beginning of the
Deferral Period, (3) a dividend reinvestment or stockholder purchase plan,
or (4) the issuance of the Company’s capital stock, or securities
convertible into or exercisable for such capital stock, as consideration in an
acquisition transaction entered into prior to the applicable Deferral Period;
(b) any exchange, redemption or conversion of any class or series of the
Company’s capital stock, or the capital stock of one of its subsidiaries, for
any other class or series of the Company’s capital stock, or any class or series
of the Company’s indebtedness for any class or series of its capital stock;
(c) any 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 securities being converted or exchanged; (d) any declaration of a
dividend in connection with any rights plan, or the issuance of rights, stock or
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    the
redemption or repurchase of rights pursuant thereto; (e) payments under any
PrivateBancorp Guarantee executed for the benefit of the holders of the Trust
Preferred Securities; or (f) any dividend in the form of stock, warrants,
options or other rights where the dividend stock or 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 equally with or junior to such
stock).  Prior to the termination of any such Deferral Period, the
Company may further extend the interest payment period, provided that no Deferral
Period shall exceed the period or periods specified in such Securities or extend
beyond the Stated Maturity of the principal of such Securities.  Upon
termination of any Deferral Period and upon the payment of all accrued and
unpaid interest and any Additional Interest then due on any Interest Payment
Date, the Company may elect to begin a new Deferral Period, subject to the above
requirements.  No interest shall be due and payable during an Deferral
Period, except at the end thereof.

     

    The
Company shall give the Trustee, the Property Trustee and each Paying Agent
notice of its election to begin or extend any Deferral Period at least ten
Business Days prior to the next succeeding Interest Payment Date on the
Securities of such series.

     

    The
Trustee shall give notice of the Company’s election to begin or extend any
Deferral Period to the Holders of the Outstanding Securities of such series,
unless otherwise specified with respect to such series in accordance with
Section 3.1.

     

    Section
3.12 Right of
Set-off.  With respect to the Securities of a series issued to
a PrivateBancorp Trust, notwithstanding anything to the contrary herein, the
Company shall have the right to set-off any payment it is otherwise required to
make thereunder in respect of any such Security to the extent the Company has
theretofore made, or is concurrently on the date of such payment making, a
payment under the PrivateBancorp Guarantee relating to such Security or to a
holder of Trust Preferred Securities pursuant to an action undertaken under
Section 5.8 of this Indenture.

     

    Section
3.13 Agreed Tax
Treatment.  Each Security issued hereunder shall provide that
the Company and, by its acceptance of a Security or a beneficial interest
therein, the Holder of, and any Person that acquires a beneficial interest in,
such Security agree to treat for U.S. federal, state and local tax purposes such
Security as indebtedness of the Company and to treat for U.S. federal income tax
purposes stated interest on the Security as ordinary interest income that is
includible in gross income to such Holder or other Person at the time the
interest is paid or accrued in accordance with its regular method of tax
accounting.

     

    Section
3.14 CUSIP Numbers.  The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee or its designee shall use “CUSIP” numbers in
notices of redemption or other related material as a convenience to Holders;
provided that any such
notice or other related material may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as
contained in any notice of redemption or other related material and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers.  The Company shall promptly notify the
Trustee of any change in the CUSIP numbers.

     

    ARTICLE IV

     

    SATISFACTION
AND DISCHARGE

     

    Section
4.1 Satisfaction and Discharge of
Indenture.  This Indenture shall, upon Company Request, cease
to be of further effect (except as to any surviving rights of registration of
transfer or exchange of Securities herein expressly provided for and as otherwise
provided in this
Section) and the 

     

    

      
        
          
            
               

            

            
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    Trustee,
on demand of and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

     

    (1) either

     

    (A) all
Securities theretofore authenticated and delivered (other than
(i) Securities that have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section 3.6 and (ii) Securities for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged
from such trust, as provided in
Section 10.3) have been delivered to the Trustee for cancellation;
or

     

    (B) all such
Securities not theretofore delivered to the Trustee for
cancellation:

     

    (i) have
become due and payable, or

     

    (ii) will
become due and payable at their Stated Maturity within one year of the date of
deposit, or

     

    (iii) are to be
called for redemption within one year by the Trustee in the name, and at the
expense, of the Company,

     

    and the
Company, in the case of Clause (B)(i), (ii) or (iii) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for such
purpose an amount in the currency or currencies in which the Securities of such
series are payable sufficient to pay and discharge the entire indebtedness on
such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest (including any Additional Interest)
to the date of such deposit (in the case of Securities that have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may
be;

     

    (2) the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

     

    (3) the
Company has delivered to the Trustee 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.

     

    Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 6.7, the obligations of the Trustee to any
Authenticating Agent under Section 6.14 and, if money shall have been
deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 4.2 and the last
paragraph of Section 10.3 shall survive.

     

    Section
4.2 Application of Trust
Money.  Subject to the provisions of the last paragraph of
Section 10.3, all money deposited with the Trustee pursuant to
Section 4.1 shall be held in trust and applied by the Trustee, in
accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for the
payment of which such money or obligations have been deposited with or received
by the Trustee.

     

    

      
        
          
            
               

            

            
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    ARTICLE V

    
REMEDIES

     

    Section
5.1 Events of
Default.  “Event of Default,” wherever
used herein with respect to the Securities of any series, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

     

    (1) default
in the payment of any interest upon any Security of that series, including any
Additional Interest in respect thereof, when it becomes due and payable, and
continuance of such default for a period of 30 days after the conclusion of
any Deferral Period; or

     

    (2) the
voluntary or involuntary liquidation, dissolution, winding up or other
termination of a PrivateBancorp Trust except in connection with the
(a) redemption of the Outstanding Trust Preferred Securities issued by such
PrivateBancorp Trust; or (b) distribution of all the Securities of any
series issued to a PrivateBancorp Trust to the holders of the Outstanding Trust
Preferred Securities of such PrivateBancorp Trust entitled to the distribution
thereof; or (c) a merger, consolidation or amalgamation of the Trust
permitted under the Trust Agreement; or (d) assumption of the Company’s
obligations under the Securities by any successor entity; or

     

    (3) the entry
of a decree or order by a court having jurisdiction in the premises adjudging
the Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law, or appointing a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of the Company or of
any substantial part of its property or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in
effect for a period of 90 consecutive days; or

     

    (4) the
institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency
proceedings against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law, or the consent by
it to the filing of any such petition or to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due and its willingness
to be adjudicated a bankrupt, or the taking of corporate action by the Company
in furtherance of any such action; or

     

    (5) any other
Event of Default provided with respect to Securities of that series specified as
contemplated in Section 3.1.

     

    Section
5.2 Acceleration of Maturity; Rescission
and Annulment.  If an Event of Default specified in
Section 5.1(1) with respect to Securities of any series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount of all the Securities
of that series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), provided that, in the case of
the Securities of a series issued to a PrivateBancorp Trust, if, upon an Event
of Default, the Trustee or the Holders of not less than 25% in principal amount
of the Outstanding Securities of that series fail to declare the principal of
all the Securities of that series to be immediately due and payable, the holders
of at least 25% in aggregate

     

    

      
        
          
            
               

            

            
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    Liquidation
Amount (as defined in the related Trust Agreement) of the corresponding series
of Trust Preferred Securities then outstanding shall have such right by a notice
in writing to the Company and the Trustee; and upon any such declaration such
principal amount (or specified portion thereof) of and the accrued interest
(including any Additional Interest) on all the Securities of such series shall
become immediately due and payable.  Payment of principal and interest
(including any Additional Interest) on such Securities shall remain subordinated
to the extent provided in Article XIII notwithstanding that such amount
shall become immediately due and payable as herein provided.  If an
Event of Default specified in Section 5.1(2), 5.1(3) or 5.1(4) and with
respect to Securities of any series at the time Outstanding occurs, the
principal amount of all the Securities of that series shall automatically, and
without any declaration or other action on the part of the Trustee or any
Holder, become immediately due and payable.

     

    At any
time after such a declaration of acceleration with respect to Securities of any
series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a
majority in principal amount of the Outstanding Securities of that series, by
written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

     

    (1) the
Company has paid or deposited with the Trustee a sum sufficient to
pay:

     

    (A) all
overdue installments of interest (including any Additional Interest) on all
Securities of that series,

     

    (B) the
principal of (and premium, if any, on) any Securities of that series that have
become due otherwise than by such declaration of acceleration and interest
thereon at the rate borne by the Securities, and

     

    (C) all sums
paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel;
and

     

    (2) all
Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series that has become due
solely by such acceleration, have been cured or waived as provided in
Section 5.13.

     

    In the
case of Securities of a series issued to a PrivateBancorp Trust, if the Holders
of such Securities fail to annul such declaration and waive such default, the
holders of a majority in aggregate Liquidation Amount (as defined in the Trust
Agreement under which such PrivateBancorp Trust is formed) of the related series
of Trust Preferred Securities issued by such PrivateBancorp Trust shall also
have the right to rescind and annul such declaration and its consequences by
written notice to the Company and the Trustee, subject to the satisfaction of
the conditions set forth in Clauses (1) and (2) above of this
Section 5.2.

     

    No such
rescission shall affect any subsequent default or impair any right consequent
thereon.

     

    Section
5.3 Collection of Indebtedness and Suits
for Enforcement by Trustee.  The Company covenants that
if:

     

    (1) default
is made in the payment of any installment of interest (including any Additional
Interest) on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, or

    
 

    
      
        
          
            
               

            

            
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    (2) default
is made in the payment of the principal of (and premium, if any, on) any
Security at the Maturity thereof,

     

    the
Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of
the Holders of such Securities, the whole amount then due and payable on such
Securities for principal, including any sinking fund payment or analogous
obligations (and premium, if any) and interest (including any Additional
Interest); and, in addition thereto, all amounts owing the Trustee under
Section 6.7.

     

    If the
Company fails to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, and may prosecute
such proceeding to judgment or final decree, and may enforce the same against
the Company or any other obligor upon the Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Securities, wherever
situated.

     

    If an
Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.  For the
avoidance of doubt, an acceleration of maturity shall only be triggered with
respect to an Event of Default as set forth in Section 5.2.

     

    Section
5.4 Trustee May File Proofs of
Claim.  In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or of such other
obligor or their creditors:

     

    (a) the
Trustee (irrespective of whether the principal of the Securities of any series
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal (and premium, if any) or
interest (including any Additional Interest)) shall be entitled and empowered,
by intervention in such proceeding or otherwise,

     

    (i) to file
and prove a claim for the whole amount of principal (and premium, if any) and
interest (including any Additional Interest) owing and unpaid in respect to the
Securities and to file such other papers or documents as may be necessary or
advisable and to take any and all actions as are authorized under the Trust
Indenture Act in order to have the claims of the Holders and any predecessor to
the Trustee under Section 6.7 allowed in any such judicial proceedings;
and

     

    (ii) in
particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the
same in accordance with Section 5.6; and

     

    (b) any
custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee for distribution in accordance with
Section 5.6, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due
to it and any predecessor Trustee under Section 6.7.

     

    

      
        
          
            
               

            

            
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    Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee
may, on behalf of the Holders, vote for the election of a trustee in bankruptcy
or similar official and be a member of a creditors’ or other similar
committee.

     

    Section
5.5 Trustee May Enforce Claim
Without Possession of Securities.  All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by
the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name or as trustee of an express
trust, and any recovery of judgment shall, after provision for the payment of
all the amounts owing the Trustee and any predecessor Trustee under
Section 6.7, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been
recovered.

     

    Section
5.6 Application of Money
Collected.  Any money or property collected or to be applied by
the Trustee with respect to a series of Securities pursuant to this
Article shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money or property on
account of principal (or premium, if any) or interest (including any Additional
Interest), upon presentation of the Securities and the notation thereon of the
payment if only partially paid and upon surrender thereof if fully
paid:

     

    FIRST:  To
the payment of all amounts due the Trustee under Section 6.7;

     

    SECOND:  Subject
to Article XIII, to the payment of the amounts then due and unpaid upon
such series of Securities for principal (and premium, if any) and interest
(including any Additional Interest), in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of
any kind, according to the amounts due and payable on such series of Securities
for principal (and premium, if any) and interest (including any Additional
Interest), respectively; and

     

    THIRD:  The
balance, if any, to the Company or any other Person entitled
thereto.

     

    Section
5.7 Limitation on
Suits.  Subject to Section 5.8, no Holder of any
Securities of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture or for the appointment of
a receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) or for any other remedy hereunder, unless:

     

    (1) such
Holder has previously given written notice to the Trustee of a continuing Event
of Default with respect to the Securities of that series;

     

    (2) the
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

     

    (3) such
Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such
request;

     

    (4) the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     

    

      
        
          
            
               

            

            
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    (5) no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the Outstanding Securities of that series;

     

    it being
understood and intended that no one or more of such Holders shall have any right
in any manner whatever by virtue of, or by availing itself of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other Holders
of Securities, or to obtain or to seek to obtain priority or preference over any
other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal
and ratable benefit of all such Holders.

     

    Section
5.8 Unconditional Right of Holders to
Receive Principal, Premium and Interest; Direct Action by Holders of Trust
Preferred Securities.  Notwithstanding any other provision in
this Indenture, the Holder of any Security shall have the right, which is
absolute and unconditional, to receive payment of the principal of (and premium,
if any) and (subject to Sections 3.7 and 3.11) interest (including any
Additional Interest) on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption or repayment, on the
Redemption Date or the Repayment Date, as the case may be) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.  In the case of Securities of a
series issued to a PrivateBancorp Trust, any holder of the corresponding series
of Trust Preferred Securities issued by such PrivateBancorp Trust shall have the
right, upon the occurrence of an Event of Default described in
Section 5.1(1), to institute a suit directly against the Company for
enforcement of payment to such holder of principal of (premium, if any) and
(subject to Sections 3.7 and 3.11) interest (including any Additional
Interest) on the Securities having a principal amount equal to the aggregate
Liquidation Amount (as defined in the Trust Agreement under which such
PrivateBancorp Trust is formed) of such Trust Preferred Securities of the
corresponding series held by such holder.

     

    Section
5.9 Restoration of Rights and
Remedies.  If the Trustee, any Holder or any holder of Trust
Preferred Securities has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee, such
Holder or such holder of Trust Preferred Securities, then and in every such case
the Company, the Trustee, the Holders and such holder of Trust Preferred
Securities shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee, the Holders and the holders of Trust
Preferred Securities shall continue as though no such proceeding had been
instituted.

     

    Section
5.10 Rights and Remedies
Cumulative.  Except as otherwise provided in the last paragraph
of Section 3.6, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

     

    Section
5.11 Delay or Omission Not
Waiver.  No delay or omission of the Trustee, any Holder of any
Security or any holder of any Trust Security to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or an acquiescence
therein.

     

    Every
right and remedy given by this Article or by law to the Trustee or to the
Holders and the right and remedy given to the holders of Trust Preferred
Securities by Section 5.8 may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee, the Holders or the holders of Trust
Preferred Securities, as the case may be.

     

    

      
        
          
            
               

            

            
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    Section
5.12 Control by
Holders.  The Holders of a majority in principal amount of the
Outstanding Securities of any series 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 the Securities of such series, provided that:

     

    (1) such
direction shall not be in conflict with any rule of law or with this
Indenture,

     

    (2) the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction, and

     

    (3) subject
to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow such direction if a Responsible Officer or Officers of the
Trustee shall, in good faith, determine that the proceeding so directed would be
unjustly prejudicial to the Holders not joining in any such direction or would
involve the Trustee in personal liability.

     

    Section
5.13 Waiver of Past
Defaults.  The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series and, in the case of any
Securities of a series issued to a PrivateBancorp Trust, the holders of Trust
Preferred Securities issued by such PrivateBancorp Trust may waive any past
default hereunder and its consequences with respect to such series except a
default:

     

    (1) in the
payment of the principal of (or premium, if any) or interest (including any
Additional Interest, if any) on any Security of such series, or

     

    (2) in
respect of a provision hereof that under Article IX cannot be modified or
amended without the consent of the Holder of each Outstanding Security of such
series affected.

     

    Any such
waiver shall be deemed to be on behalf of the Holders of all the Securities of
such series or, in the case of a waiver by holders of Trust Preferred Securities
issued by such PrivateBancorp Trust, by all holders of Trust Preferred
Securities issued by such PrivateBancorp Trust.

     

    Upon any
such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or
impair any right consequent thereon.

     

    Section
5.14 Undertaking for
Costs.  All parties to this Indenture agree, and each Holder of
any Security by his 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, 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 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Securities of
any series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of (or premium, if any) or interest (including any
Additional Interest) on any Security on or after the respective Stated
Maturities expressed in such Security (or, in the case of redemption or
repayment, on or after the Redemption Date or the Repayment Date, as the case
may be).

     

    Section
5.15 Waiver of Usury, Stay or Extension
Laws.  The Company covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any usury, stay or
extension law wherever enacted, now or at any time hereafter in force, which may
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    Indenture;
and the Company (to the extent that it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

     

    ARTICLE VI

     

    THE
TRUSTEE

     

    Section
6.1 Certain Duties and
Responsibilities.

     

    (a) Except
during the continuance of an Event of Default,

     

    (1) the
Trustee undertakes to perform such duties and only such duties 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 its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon 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 that by any provisions 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 to the requirements of this
Indenture.

     

    (b) In case
an Event of Default has occurred and is continuing, 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 his or her own
affairs.

     

    (c) 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:

     

    (1) this
Subsection shall not be construed to limit the effect of Subsection (a) of
this Section;

     

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

     

    (3) 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 Holders pursuant
to Section 5.12 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 with respect to the
Securities.

     

    (d) No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if
there shall be reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

     

    

      
        
          
            
               

            

            
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    (e) Whether
or not therein 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.

     

    Section
6.2 Notice of
Defaults.  Within 90 days after the occurrence of any
default hereunder with respect to the Securities of any series, the Trustee
shall transmit by mail to all Holders of Securities of such series, as their
names and addresses appear in the Securities Register, notice of such default,
unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium,
if any) or interest (including any Additional Interest) on any Security of such
series, the Trustee shall be protected in withholding such notice if and so long
as the Board of Directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders of
Securities of such series; and provided, further, that, in
the case of any default of the character specified in Section 5.1(2), no
such notice to Holders of Securities of such series shall be given until at
least 30 days after the occurrence thereof.  For the purpose of
this Section, the term “default” means any event that is, or after notice or
lapse of time or both would become, an Event of Default with respect to
Securities of such series.

     

    Section
6.3 Certain Rights of
Trustee.  Subject to the provisions of
Section 6.1:

     

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

     

    (b) any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board
of Directors may be sufficiently evidenced by a Board Resolution;

     

    (c) whenever
in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officers’
Certificate;

     

    (d) the
Trustee may consult with counsel and the advice of such counsel or any 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
reliance thereon;

     

    (e) the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders
pursuant to this Indenture, unless such Holders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction;

     

    (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, direction, consent, order, bond, indenture, security or other
paper or document, but the Trustee in its discretion may make such inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent
or attorney;

     

    (g) the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee
shall not be 

     

    

      
        
          
            
               

            

            
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    responsible
for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

     

    Section
6.4 Not Responsible for Recitals or
Issuance of Securities.  The recitals contained herein and in
the Securities, except the Trustee’s certificates of authentication, shall be
taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their
correctness.  The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities.  Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of the Securities or the proceeds
thereof.

     

    Section
6.5 May Hold
Securities.  The Trustee, any Authenticating Agent, any Paying
Agent, any Securities Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Authenticating Agent,
Paying Agent, Securities Registrar or such other agent.

     

    Section
6.6 Money Held in
Trust.  Money held by the Trustee in trust hereunder need not
be segregated from other funds except to the extent required by
law.  The Trustee shall be under no liability for interest on any
money received by it hereunder except as otherwise agreed with the
Company.

     

    Section
6.7 Compensation and
Reimbursement.  The Company agrees:

     

    (1) to pay to
the Trustee from time to time reasonable compensation for all services rendered
by it hereunder in such amounts as the Company and the Trustee shall agree 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);

     

    (2) except as
otherwise expressly provided herein, to reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (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 bad faith; and

     

    (3) to
indemnify the Trustee for, and to hold it harmless against, any loss, liability,
claim, action, suit, cost or expense incurred without negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration
of this trust or the performance of its duties hereunder, including the costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties
hereunder.

     

    When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 5.1(3) or 5.1(4) occurs, the expenses and the compensation for
the services are intended to constitute expenses of administration under the
Bankruptcy Reform Act of 1978 or any successor statute.

     

    Section
6.8 Disqualification; Conflicting
Interests.

     

    (a) If the
Trustee has or shall acquire a conflicting interest within the meaning 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 the provisions of,
the Trust Indenture Act and this Indenture.  To the extent permitted
by such Act, the Trustee shall not be deemed to have a conflicting interest by
virtue of being a trustee under this Indenture with respect to Securities of
more than one series if all such series rank equally at the time of
issuance.

     

    

      
        
          
            
               

            

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

     

    Section
6.9 Corporate Trustee Required;
Eligibility.  There shall at all times be a Trustee hereunder
with respect to the Securities of each series, which may be Trustee hereunder
for Securities of one or more other series.  Each Trustee shall be a
Person that is eligible pursuant to the Trust Indenture Act to act as such and
shall be:

     

    (a) a
corporation organized and doing business under the laws of the United States of
America or of any State or Territory or the District of Columbia, authorized
under such laws to exercise corporate trust powers and subject to supervision or
examination by Federal, State, Territorial or District of Columbia authority,
or

     

    (b) a
corporation or other Person organized and doing business under the laws of a
foreign government that is permitted to act as Trustee pursuant to a rule,
regulation or order of the Commission, authorized under such laws to exercise
corporate trust powers, and subject to supervision or examination by authority
of such foreign government or a political subdivision thereof substantially
equivalent to supervision or examination applicable to United States
institutional trustees,

     

    in either
case having a combined capital and surplus of at least $50,000,000, subject to
supervision or examination by Federal or State authority.  If such
corporation 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, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.  If at any time
the Trustee with respect to the Securities of any series shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.  Neither the Company nor any Person directly or indirectly
controlling, controlled by or under common control with the Company shall serve
as Trustee for the Securities of any series issued hereunder.

     

    Section
6.10 Resignation and Removal; Appointment
of Successor.

     

    (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee under Section 6.11.

     

    (b) The
Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company.  If an
instrument of acceptance by a successor Trustee shall not have been delivered to
the Trustee within 30 days after the giving of such notice of resignation,
the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

     

    (c) The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and to the
Company.

     

    (d) If at any
time:

     

    (1) the
Trustee shall fail to comply with Section 6.8 after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a
Security for at least six months, or

     

    

      
        
          
            
               

            

            
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    (2) the
Trustee shall cease to be eligible under Section 6.9 and shall fail to
resign after written request therefor by the Company or by any such Holder,
or

     

    (3) the
Trustee shall become incapable of acting or shall be adjudged a 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, (i) the Company, acting pursuant to the authority of a Board
Resolution, may remove the Trustee with respect to all Securities, or
(ii) subject to Section 5.14, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees.

     

    (e) If the
Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause with respect to the
Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may
be appointed with respect to the Securities of one or more or all of such series
and that at any time there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 6.11.  If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in aggregate principal amount of
the Outstanding Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to the
Securities of such series and supersede the successor Trustee appointed by the
Company.  If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders and
accepted appointment in the manner hereinafter provided, any Holder who has been
a bona fide Holder of a Security of such series for at least six months may,
subject to Section 5.14, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

     

    (f) The
Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor
Trustee with respect to the Securities of any series by mailing written notice
of such event by first-class mail, postage prepaid, to the Holders of Securities
of such series as their names and addresses appear in the Securities
Register.  Each notice shall include the name of the successor Trustee
with respect to the Securities of such series and the address of its Corporate
Trust Office.

     

    Section
6.11 Acceptance of Appointment by
Successor.

     

    (a) In case
of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder.

     

    

      
        
          
            
               

            

            
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    (b) In case
of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
series shall execute and deliver an instrument in writing or an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment
and that (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee all
the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) if the retiring Trustee is not retiring with
respect to all Securities, 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 Securities of that or those series
as to which the retiring Trustee is not retiring shall continue to be vested in
the retiring Trustee, and (3) 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 trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such instrument in writing or 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;
and upon the execution and delivery of such instrument in writing or
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts, and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.

     

    (c) Upon
request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all rights, powers and trusts referred to in
paragraph (a) or (b) of this Section, as the case may be.

     

    (d) No
successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article.

     

    Section
6.12 Merger, Conversion, Consolidation or
Succession to Business.  Any corporation into which the Trustee
may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto.  In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated, and in case any
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor Trustee or in
the name of such successor Trustee, and in all cases the certificate of
authentication shall have the full force that it is provided anywhere in the
Securities or in this Indenture that the certificate of the Trustee shall
have.

     

    Section
6.13 Preferential Collection of Claims
Against Company.  If and when the Trustee shall be or become a
creditor of the Company (or any other obligor upon the Securities), the Trustee
shall be subject to the provisions of the Trust Indenture Act regarding the
collection of claims against the Company (or any such other
obligor).

     

    

      
        
          
            
               

            

            
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    Section
6.14 Appointment of Authenticating
Agent.  The Trustee may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities that shall be authorized
to act on behalf of the Trustee to authenticate Securities of such series issued
upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder.  Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent.  Each Authenticating Agent shall be acceptable
to the Company and shall at all times be a corporation organized and doing
business under the laws of the United States of America, or of any State or
Territory or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority.  If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such Authenticating Agent 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, such Authenticating Agent shall resign immediately in the manner and
with the effect specified in this Section.

     

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

     

    An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company.  The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof 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 such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent that shall be acceptable to the Company and shall give notice of such
appointment in the manner provided in Section 1.6 to all Holders of
Securities of the series with respect to which such Authenticating Agent will
serve.  Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent.  No successor Authenticating Agent shall be
appointed unless eligible under the provision of this Section.

     

    The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be
entitled to be reimbursed for such payments, subject to the provisions of
Section 6.7.

     

    If an
appointment with respect to one or more series is made pursuant to this Section,
the Securities of such series may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

     

    This is
one of the Securities of the series designated therein referred to in the within
mentioned Indenture.

     

    

      
        
          
            
               

            

            
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    Dated:

     

    
      
        	 	
                WILMINGTON TRUST
      COMPANY,

              	 
	 	 Not
      in its individual capacity but solely as Trustee	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	AS
      AUTHENTICATING AGENT	 
	 	 	 	 
	 	 	 	 
	 	 By:	 	 
	 	 	 AUTHORIZED
      OFFICER	 

      

    

     

    ARTICLE VII

     

    HOLDER’S
LISTS AND REPORTS BY TRUSTEE AND COMPANY

     

    Section
7.1 Company to Furnish Trustee Names and
Addresses of Holders.  The Company will furnish or cause to be
furnished to the Trustee:

     

    (a) monthly,
quarterly or semi-annually, as the case may be, not more than 15 days after
each Regular Record Date in each year, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders of Securities of
each series as of such Regular 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,

     

    excluding from any
such list names and addresses received by the Trustee in its capacity as
Securities Registrar.

     

    Section
7.2 Preservation of Information,
Communications to Holders.

     

    (a) The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided
in Section 7.1 and the names and addresses of Holders received by the
Trustee in its capacity as Securities Registrar.  The Trustee may
destroy any list furnished to it as provided in Section 7.1 upon receipt of
a new list so furnished.

     

    (b) The
rights of Holders to communicate with other Holders with respect to their rights
under this Indenture or under the Securities, and the corresponding rights and
privileges of the Trustee, shall be as provided in the Trust Indenture
Act.

     

    (c) Every
Holder of Securities, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of the disclosure of information as
to the names and addresses of the Holders made pursuant to the Trust Indenture
Act.

     

    
      

        
          
            
              
                 

              

              
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    Section
7.3 Reports by
Trustee.

     

    (a) The
Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture
Act, at the times and in the manner provided pursuant thereto.

     

    (b) Reports
so required to be transmitted at stated intervals of not more than
12 months shall be transmitted no later than 60 days after
____________  in each calendar year, commencing with the first
______________ after the first issuance of Securities under this
Indenture.

     

    (c) A copy of
each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which any Securities are listed,
with the Commission and with the Company.  The Company will notify the
Trustee when any Securities are listed on any securities exchange.

     

    Section
7.4 Reports by
Company.  The Company shall file with the Trustee and the
Commission, and transmit to Holders, copies of such information, documents and
other reports, and such summaries thereof, as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided in the Trust
Indenture Act; provided
that any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act
shall be filed with the Trustee within 15 days after the same are filed
with the Commission.

     

    ARTICLE VIII

     

    CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

     

    Section
8.1 Company May Consolidate, Etc.,
only on Certain Terms.  The Company shall not consolidate with
or merge into any other Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, and no Person shall
consolidate with or merge into the Company or convey, transfer or lease its
properties and assets substantially as an entirety to the Company,
unless:

     

    (1) in case
the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, the Person formed by such consolidation or into which the Company is
merged or the Person that acquires by conveyance or transfer, or that leases,
the properties and assets of the Company substantially as an entirety shall be
organized and existing under the laws of the United States of America or any
State or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of
(and premium, if any) and interest (including any Additional Interest) on all
the Securities and the performance of every covenant of this Indenture on the
part of the Company to be performed or observed;

     

    (2) immediately
after giving effect to such transaction, no Event of Default, and no event that,
after notice or lapse of time, or both, would become an Event of Default, shall
have happened and be continuing;

     

    (3) in the
case of the Securities of a series issued to a PrivateBancorp Trust, such
consolidation, merger, conveyance, transfer or lease is permitted under the
related Trust Agreement and PrivateBancorp Guarantee; and

    
 

    
      
        
          
            
              
                 

              

              
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    (4) the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and any such supplemental indenture comply with this Article and that
all conditions precedent herein provided for relating to such transaction have
been complied with.

     

    Section
8.2 Successor Corporation
Substituted.  Upon any consolidation or merger by the Company
with or into any other Person, or any conveyance, transfer or lease by the
Company of its properties and assets substantially as an entirety to any Person
in accordance with Section 8.1, the successor Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein;
and in the event of any such conveyance, transfer or lease the Company shall be
discharged from all obligations and covenants under the Indenture and the
Securities and may be dissolved and liquidated.

     

    Such
successor Person may cause to be executed, and may issue either in its own name
or in the name of the Company, any or all of the Securities issuable hereunder
that theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor Person instead of the Company and
subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities that
previously shall have been signed and delivered by the officers of the Company
to the Trustee for authentication pursuant to such provisions and any Securities
that such successor Person thereafter shall cause to be signed and delivered to
the Trustee on its behalf for the purpose pursuant to such
provisions.  All the Securities so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
hereof.

     

    In case
of any such consolidation, merger, sale, conveyance or lease, such changes in
phraseology and form may be made in the Securities thereafter to be issued as
may be appropriate.

     

    ARTICLE IX

     

    SUPPLEMENTAL
INDENTURES

     

    Section
9.1 Supplemental Indentures Without
Consent of Holders.  Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and
from time to time, may enter into one or more indentures supplemental hereto, in
form satisfactory to the Trustee, for any of the following
purposes:

     

    (1) to
evidence the succession of another Person to the Company, and the assumption by
any such successor of the covenants of the Company herein and in the Securities
contained; or

     

    (2) to
convey, transfer, assign, mortgage or pledge any property to or with the Trustee
or to surrender any right or power herein conferred upon the Company;
or

     

    (3) to
establish the form or terms of Securities of any series as permitted by
Section 2.1 or 3.1; or

     

    (4) to add to
the covenants of the Company for the benefit of the Holders of all or any series
of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, 

     

     

    
      
        
          
            
              
                 

              

              
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    stating
that such covenants are expressly being included solely for the benefit of such
series) or to surrender any right or power herein conferred upon the Company;
or

     

    (5) to add
any additional Events of Default for the benefit of the Holders of all or any
series of Securities (and if such additional Events of Default are to be for the
benefit of less than all series of Securities, stating that such additional
Events of Default are expressly being included solely for the benefit of such
series); or

     

    (6) add to,
change or eliminate any of the provisions of this Indenture in respect of one or
more series of Securities, provided that any such
addition, change or elimination (a) shall become effective only when there
is no Security Outstanding of any series created prior to the execution of such
supplemental indenture that is entitled to the benefit of such provision or
(b) shall not apply to any Outstanding Securities; or

     

    (7) to cure
any ambiguity, to correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture,
provided that such
action pursuant to this clause (7) shall not adversely affect the interest
of the Holders of Securities of any series in any material respect or, in the
case of the Securities of a series issued to a PrivateBancorp Trust and for so
long as any of the corresponding series of Trust Preferred Securities issued by
such PrivateBancorp Trust shall remain outstanding, the holders of such Trust
Preferred Securities; or

     

    (8) to
evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series 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 6.11(b); or

     

    (9) to comply
with the requirements of the Commission in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act.

     

    Section
9.2 Supplemental Indentures with Consent
of Holders.  With the consent of the Holders of not less than a
majority in principal amount of the Outstanding Securities of each series
affected by such supplemental indenture, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution, and
the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights
of the Holders of Securities of such series under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby,

     

    (1) except to
the extent permitted by Section 3.11 or as otherwise specified as
contemplated by Section 2.1 or Section 3.1 with respect to the
deferral of the payment of interest on the Securities of any series, change the
Stated Maturity of the principal of, or any installment of interest (including
any Additional Interest) on, any Security, or reduce the principal amount
thereof or the rate of interest thereon or reduce any premium payable upon the
redemption thereof, or change the place of payment where, or the coin or
currency in which, any Security or any premium or interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption or
repayment, on or after the Redemption Date or Repayment Date), or

     

    (2) reduce
the percentage in principal amount of the Outstanding Securities of any series,
the consent of whose Holders is required for any such supplemental indenture, or
the consent of 

     

    
      

        
          
            
              
                 

              

              
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    whose
Holders is required for any waiver (of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture, or

     

    (3) modify
any of the provisions of this Section, Section 5.13 or Section 10.5,
except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected thereby; or

     

    (4) modify
the provisions in Article XIII of this Indenture with respect to the
subordination of Outstanding Securities of any series in a manner adverse to the
Holders thereof;

     

    provided, further, that, in the case of
the Securities of a series issued to a PrivateBancorp Trust, so long as any of
the corresponding series of Trust Preferred Securities issued by such
PrivateBancorp Trust remains outstanding, (i) no such amendment shall be
made that adversely affects the holders of such Trust Preferred Securities in
any material respect, and no termination of this Indenture shall occur, and no
waiver of any Event of Default or compliance with any covenant under this
Indenture shall be effective, without the prior consent of the holders of at
least a majority of the aggregate Liquidation Amount of such Trust Preferred
Securities then outstanding unless and until the principal (and premium, if any)
of the Securities of such series and all accrued and, subject to
Section 3.7, unpaid interest (including any Additional Interest) thereon
have been paid in full and (ii) no amendment shall be made to
Section 5.8 of this Indenture that would impair the rights of the holders
of Trust Preferred Securities provided therein without the prior consent of the
holders of each Trust Preferred Security then outstanding unless and until the
principal (and premium, if any) of the Securities of such series and all accrued
and (subject to Section 3.7) unpaid interest (including any Additional
Interest) thereon have been paid in full.

     

    A
supplemental indenture that changes or eliminates any covenant or other
provision of this Indenture that has expressly been included solely for the
benefit of one or more particular series of Securities or Trust Preferred
Securities, or that modifies the rights of the Holders of Securities or holders
of Trust Preferred Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities or holders of Trust Preferred Securities of any
other series.

     

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

     

    Section
9.3 Execution of Supplemental
Indentures.  In executing or accepting the additional trusts
created by any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall
be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture.  The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the
Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

     

    Section
9.4 Effect of Supplemental
Indentures.  Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith,
and such supplemental indenture shall form a part of this Indenture for all
purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

     

    Section
9.5 Conformity with Trust Indenture
Act.  Every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act as
then in effect.

     

    
      

        
          
            
              
                 

              

              
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    Section
9.6 Reference in Securities to
Supplemental Indentures.  Securities of any series
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Company, bear a
notation in form approved by the Company as to any matter provided for in such
supplemental indenture.  If the Company shall so determine, new
Securities of any series so modified as to conform, in the opinion of the
Company, to any such supplemental indenture may be prepared and executed by the
Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

     

    Section
9.7 Subordination
Unimpaired.  No provision in any supplemental indenture that
affects the superior position of any holder of Senior Debt shall be effective
against any such holder of Senior Debt, unless such holder shall have consented
thereto.

     

    ARTICLE X

     

    COVENANTS

     

    Section
10.1 Payment of Principal, Premium and
Interest.  The Company covenants and agrees for the benefit of
each series of Securities that it will duly and punctually pay the principal of
(and premium, if any) and interest (including any Additional Interest) on the
Securities of that series in accordance with the terms of such Securities and
this Indenture.

     

    Section
10.2 Maintenance of Office or
Agency.  The Company will maintain in each Place of Payment for
any series of Securities, an office or agency where Securities of that series
may be presented or surrendered for payment and an office or agency where
Securities of that series may be surrendered for transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served.  The Company initially
appoints the Trustee, acting through its Corporate Trust Office, as its agent
for said purposes.  The Company will give prompt written notice to the
Trustee of any change in the location of any such office or
agency.  If at any time the Company shall fail to maintain such office
or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

     

    The
Company may also from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or
surrendered for any or all of such purposes, and may from time to time rescind
such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes.  The Company will give
prompt written notice to the Trustee of any such designation and any change in
the location of any such office or agency.

     

    Section
10.3 Money for Securities Payments to be
Held in Trust.  If the Company shall at any time act as its own
Paying Agent with respect to any series of Securities, it will, on or before
each due date of the principal of (and premium, if any) or interest (including
any Additional Interest) on any of the Securities of such series, segregate and
hold in trust for the benefit of the Persons entitled thereto a sum sufficient
to pay the principal (and premium, if any) or interest (including any Additional
Interest) so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided, and will promptly
notify the Trustee of its failure so to act.

     

    Whenever
the Company shall have one or more Paying Agents for any series of Securities,
it will, prior to 10:00 a.m. New York City time on each due date of the
principal (and premium, if any) of or interest  (including any
Additional Interest) on any Securities of that series, deposit with a Paying
Agent a 

     

    
      

        
          
            
              
                 

              

              
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    sum
sufficient to pay the principal (and premium, if any) or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to
such principal (and premium, if any) or interest (including any Additional
Interest), and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its failure so to act.

     

    The
Company will cause each Paying Agent for any series of Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will:

     

    (1) hold all
sums held by it for the payment of the principal of (and premium, if any) or
interest (including any Additional Interest) on Securities of that series in
trust for the benefit of the Persons entitled thereto until such sums shall be
paid to such Persons or otherwise disposed of as herein provided;

     

    (2) give the
Trustee notice of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment of principal of (and
premium, if any) or interest (including any Additional Interest);

     

    (3) at any
time during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent; and

     

    (4) comply
with the provisions of the Trust Indenture Act applicable to it as Paying
Agent.

     

    The
Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such
money.

     

    Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest
(including any Additional Interest) on any Security of that series and remaining
unclaimed for two years after such principal (and premium, if any) or interest
(including any Additional Interest) has become due and payable shall be paid on
Company Request to the Company, or (if then held by the Company) shall (unless
otherwise required by mandatory provision of applicable escheat or abandoned or
unclaimed property law) be discharged from such trust; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or
such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such
money remains unclaimed and that, after a date specified therein, which shall
not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Company.

     

    Section
10.4 Statement as to
Compliance.  The Company shall deliver to the Trustee, within
120 days after the end of each calendar year of the Company ending after
the date hereof, an Officers’ Certificate covering the preceding calendar year,
stating whether or not to the best knowledge of the signers thereof the Company
is in default in the performance, observance or fulfillment of or compliance

     

    
      

        
          
            
              
                 

              

              
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    with any
of the terms, provisions, covenants and conditions of this Indenture, and if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.  For the purpose of
this Section, compliance shall be determined without regard to any grace period
or requirement of notice provided pursuant to the terms of this
Indenture.

     

    Section
10.5 Waiver of Certain
Covenants.  The Company may omit in any particular instance to
comply with any covenant or condition provided pursuant to Section 3.1,
9.1(3) or 9.1(4) with respect to the Securities of any series, if before or
after the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities of such series shall, by Act of
such Holders, either waive such compliance in such instance or generally waive
compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company in
respect of any such covenant or condition shall remain in full force and
effect.  If the Securities of a series have not been registered under
the Securities Act, the Holders of at least a majority in principal amount of
such series, by Act of such Holders, may waive compliance by the Company with
the Trust Indenture Act with respect to such series unless such compliance is
otherwise required by the Trust Indenture Act.

     

    Section
10.6 Additional
Sums.  In the case of the Securities of a series issued to a
PrivateBancorp Trust, so long as no Event of Default has occurred and is
continuing and except as otherwise specified as contemplated by Section 2.1
or Section 3.1, in the event that (i) a PrivateBancorp Trust is the
Holder of all of the Outstanding Securities of such series and (ii) such
PrivateBancorp Trust shall be required to pay Additional Taxes, the Company
shall pay to such PrivateBancorp Trust (and its permitted successors or assigns
under the related Trust Agreement) as Holder of the Securities of such series
for so long as such PrivateBancorp Trust (or its permitted successor or
assignee) is the registered Holder of any Securities of such series, such
additional sums as may be necessary in order that the amount of Distributions
(including any Additional Amounts (as defined in such Trust Agreement)) then due
and payable by such PrivateBancorp Trust on the related Trust Preferred
Securities and Common Securities that at any time remain outstanding in
accordance with the terms thereof shall not be reduced as a result of any
Additional Taxes (the “Additional
Sums”).  Whenever in this Indenture or the Securities there is
a reference in any context to the payment of principal of or interest on the
Securities, such mention shall be deemed to include mention of the payments of
the Additional Sums provided for in this paragraph to the extent that, in such
context, Additional Sums are, were or would be payable in respect thereof
pursuant to the provisions of this paragraph and express mention of the payment
of Additional Sums (if applicable) in any provisions hereof shall not be
construed as excluding Additional Sums in those provisions hereof where such
express mention is not made; provided, however, that the deferral of
the payment of interest pursuant to Section 3.11 or the Securities shall
not defer the payment of any Additional Sums that may be due and
payable.

     

    Section
10.7 Additional
Covenants.  The Company covenants and agrees with each Holder
of Securities of each series that it shall not, and it shall not permit any
Subsidiary of the Company to, (x) declare or pay any dividends or
distributions on any shares of the Company’s capital stock, or redeem, purchase,
acquire or make a liquidation payment with respect to, any shares of the
Company’s preferred stock, (y) make any payment of principal of or interest
or premium, if any, on or repay, repurchase or redeem any debt security of the
Company that ranks pari
passu in all respects with or junior in interest to the Securities of
such series (except for partial payments of interest with respect to such series
of Securities) or (z) make any guarantee payments with respect to any
guarantee by the Company of the debt securities of any Subsidiary of the Company
that by their terms rank pari
passu in all respects with or junior in interest to the securities of
such series (other than (a) any repurchase, redemption or other acquisition
of shares of the Company’s capital stock in connection with (1) any
employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more employees, officers, directors, consultants or
independent contractors, (2) a dividend reinvestment or stockholder
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    plan, or
(3) the issuance of the Company’s capital stock, or securities convertible
into or exercisable for such capital stock, as consideration in an acquisition
transaction entered into prior to the applicable Event of Default, default or
Deferral Period, as the case may be; (b) any exchange, redemption or
conversion of any class or series of the Company’s capital stock, or the capital
stock of one of its subsidiaries, for any other class or series of the Company’s
capital stock, or any class or series of the Company’s indebtedness for any
class or series of its capital stock; (c) any 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 securities being converted or
exchanged; (d) any declaration of a dividend in connection with any rights
plan, or the issuance of rights, stock or other property under any rights plan,
or the redemption or repurchase of rights pursuant thereto; (e) payments
under any PrivateBancorp Guarantee executed for the benefit of the holders of
the Trust Preferred Securities; or (f) any dividend in the form of stock,
warrants, options or other rights where the dividend stock or 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 equally with or junior to such
stock), if at such time (i) there shall have occurred any event of which
the Company has actual knowledge that (A) with the giving of notice or the
lapse of time or both, would constitute an Event of Default with respect to the
Securities of such series and (B) in respect of which the Company shall not
have taken reasonable steps to cure, (ii) if the Securities of such series
are held by a PrivateBancorp Trust, the Company shall be in default with respect
to its payment of any obligations under the PrivateBancorp Guarantee relating to
the Trust Preferred Securities issued by such PrivateBancorp Trust or
(iii) the Company shall have given notice of its election to begin an
Deferral Period with respect to the Securities of such series as provided herein
and shall not have rescinded such notice, or such Deferral Period, or any
extension thereof, shall be continuing.

     

    The
Company also covenants with each Holder of Securities of a series issued to a
PrivateBancorp Trust (i) to hold, directly or indirectly, 100% of the
Common Securities of such PrivateBancorp Trust, provided that any permitted
successor of the Company hereunder may succeed to the Company’s ownership of
such Common Securities, (ii) as holder of the Common Securities, not to
voluntarily terminate, wind-up or liquidate a PrivateBancorp Trust, other than
(a) in connection with a distribution of the Securities to the holders of
the Trust Preferred Securities in liquidation of such PrivateBancorp Trust, or
(b) in connection with certain mergers, consolidation or amalgamations
permitted by the Trust Agreement, and (iii) to use its reasonable efforts,
consistent with the terms and provisions of the Trust Agreement, to cause the
PrivateBancorp Trust to be characterized as a grantor trust for United States
Federal income tax purposes and to not be required to register as an “investment
company” under the Investment Company Act.

     

    ARTICLE XI

     

    REDEMPTION
OF SECURITIES

     

    Section
11.1 Applicability of this
Article.  Redemption of Securities of any series as permitted
or required by any form of Security issued pursuant to this Indenture shall be
made in accordance with such form of Security and this Article; provided, however, that if any
provision of any such form of Security shall conflict with any provision of this
Article, the provision of such form of Security shall govern.  Except
as otherwise set forth in the form of Security for such series, each Security of
such series shall be subject to partial redemption only in the amount of $1,000
or integral multiples thereof.

     

    Section
11.2 Election to Redeem; Notice to
Trustee.  The election of the Company to redeem any Securities
shall be evidenced by or pursuant to a Board Resolution.  In case of
any redemption at the election of the Company of any of the Securities of any
particular series and having the same terms, the Company shall, not less than 30
nor more than 60 days prior to the Redemption Date (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee and, in the case of
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    by a
PrivateBancorp Trust, the Property Trustee under the related Trust Agreement, of
such date and of the principal amount of Securities of that series to be
redeemed; provided that
in the case of any series of Securities initially issued to a PrivateBancorp
Trust, for so long as such Securities are held by such PrivateBancorp Trust,
such notice shall be given not less than 45 nor more than 75 days prior to
such Redemption Date (unless a shorter notice shall be satisfactory to the
Property Trustee under the related Trust Agreement).  In the case of
any redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities, the Company shall furnish
the Trustee with an Officers’ Certificate and an Opinion of Counsel evidencing
compliance with such restriction.

     

    Section
11.3 Selection of Securities to be
Redeemed.  If less than all the Securities of any series are to
be redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for redemption, by
such method as the Trustee shall deem fair and appropriate and which may provide
for the selection for redemption of a portion of the principal amount of any
Security of such series, provided that the unredeemed
portion of the principal amount of any Security shall be in a denomination
(which shall not be less than the minimum authorized denomination) for such
Security.  

     

    The
Trustee shall promptly notify the Company in writing of the Securities selected
for partial redemption and the principal amount thereof to be
redeemed.  For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to the redemption of Securities
shall relate, in the case of any Security redeemed or to be redeemed only in
part, to the portion of the principal amount of such Security that has been or
is to be redeemed.  If the Company shall so direct, Securities
registered in the name of the Company, any Affiliate or any Subsidiary thereof
shall not be included in the Securities selected for redemption.

     

    Section
11.4 Notice of
Redemption.  Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not later than the thirtieth day, and not earlier
than the sixtieth day, prior to the Redemption Date, to each Holder of
Securities to be redeemed, at the address of such Holder as it appears in the
Securities Register; provided that in the case of any Securities held by a
PrivateBancorp Trust, such notice shall be given not less than 45 nor more than
75 days prior to such Redemption Date (unless a shorter notice shall be
satisfactory to the Property Trustee under the related Trust
Agreement).

     

    With
respect to Securities of each series to be redeemed, each notice of redemption
shall state:

     

    (a) the
Redemption Date;

     

    (b) the
Redemption Price or if the Redemption Price cannot be calculated prior to the
time the notice is required to be sent, the estimate of the Redemption Price
provided pursuant to
the Indenture together with a statement that it is an estimate and that the
actual Redemption Price will be calculated on a specified day prior to the
Redemption Date;

     

    (c) if less
than all Outstanding Securities of such particular series and having the same
terms are to be redeemed, the identification (and, in the case of partial
redemption, the respective principal amounts) of the particular Securities to be
redeemed;

     

    (d) that on
the Redemption Date, the Redemption Price will become due and payable upon each
such Security or portion thereof, and that interest thereon, if any, shall cease
to accrue on and after said date;

     

    (e) the place
or places where such Securities are to be surrendered for payment of the
Redemption Price; and

     

    
      

        
          
            
              
                 

              

              
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    (f) that the
redemption is for a sinking fund, if such is the case.

     

    Notice of
redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name
and at the expense of the Company and shall not be irrevocable.  The
notice if mailed in the manner herein provided shall be conclusively presumed to
have been duly given, whether or not the Holder receives such
notice.  In any case, a failure to give such notice by mail or any
defect in the notice to the Holder of any Security designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Security.

     

    Section
11.5 Deposit of Redemption
Price.  Prior to 10:00 a.m. New York City time on the
Redemption Date specified in the notice of redemption given as provided in
Section 11.4, the Company will deposit with the Trustee or with one or more
Paying Agents (or if the Company is acting as its own Paying Agent, the Company
will segregate and hold in trust as provided in Section 10.3) an amount of
money sufficient to pay the Redemption Price of, and any accrued interest
(including Additional Interest) on, all the Securities that are to be redeemed
on that date.

     

    Section
11.6 Payment of Securities Called for
Redemption.  If any notice of redemption has been given as
provided in Section 11.4, the Securities or portion of Securities with
respect to which such notice has been given shall become due and payable on the
date and at the place or places stated in such notice at the applicable
Redemption Price, together with accrued interest (including any Additional
Interest) to the Redemption Date.  On presentation and surrender of
such Securities at a Place of Payment in said notice specified, the said
Securities or the specified portions thereof shall be paid and redeemed by the
Company at the applicable Redemption Price, together with accrued interest
(including any Additional Interest) to the Redemption Date; provided, however, that, unless
otherwise specified as contemplated by Section 3.1, installments of
interest (including any Additional Interest) whose Stated Maturity is on or
prior to the Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of
business on the relevant record dates according to their terms and the
provisions of Section 3.7.

     

    Upon
presentation of any Security redeemed in part only, the Company shall execute
and the Trustee shall authenticate and deliver to the Holder thereof, at the
expense of the Company, a new Security or Securities of the same series, of
authorized denominations, in aggregate principal amount equal to the unredeemed
portion of the Security so presented and having the same Original Issue Date,
Stated Maturity and terms.  If a Global Security is so surrendered,
such new Security (subject to Section 3.5) will also be a new Global
Security.

     

    If any
Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal of and premium, if any, on such Security shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in
the Security.

     

    Section
11.7 Right of Redemption of Securities
Initially Issued to a PrivateBancorp Trust.  In the case of the
Securities of a series initially issued to a PrivateBancorp Trust, if specified
as contemplated by Section 3.1, the Company, at its option, may redeem such
Securities in whole but not in part upon the occurrence and during the
continuation of a Tax Event, Investment Company Event or Capital Treatment Event
of such Securities at any time within 90 days following the occurrence of
such Tax Event, Investment Company Event or Capital Treatment Event in respect
of such PrivateBancorp Trust, in each case at a Redemption Price specified as
contemplated by Section 3.1.

     

    
      

        
          
            
              
                 

              

              
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    ARTICLE XII

     

    SINKING
FUNDS

     

    Section
12.1 Applicability of
Article.  The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of any series
except as otherwise specified as contemplated by Section 3.1 for such
Securities.

     

    The
minimum amount of any sinking fund payment provided for by the terms of any
Securities of any series is herein referred to as a “mandatory sinking fund
payment,” and any sinking fund payment in excess of such minimum amount that is
permitted to be made by the terms of such Securities of any series is herein
referred to as an “optional sinking fund payment.”  If provided for by
the terms of any Securities of any series, the cash amount of any sinking fund
payment may be subject to reduction as provided in
Section 12.2.  Each sinking fund payment shall be applied to the
redemption (or purchase by tender or otherwise) of Securities of any series as
provided for by the terms of such Securities.

     

    Section
12.2 Satisfaction of Sinking Fund
Payments with Securities.  In lieu of making all or any part of
a mandatory sinking fund payment with respect to any Securities of a series in
cash, the Company may at its option, at any time no more than 16 months and
no less than 45 days prior to the date on which such sinking fund payment
is due, deliver to the Trustee Securities of such series (together with the
unmatured coupons, if any, appertaining thereto) theretofore purchased or
otherwise acquired by the Company, except Securities of such series that have
been redeemed through the application of mandatory or optional sinking fund
payments pursuant to the terms of the Securities of such series, accompanied by
a Company Order instructing the Trustee to credit such obligations and stating
that the Securities of such series were originally issued by the Company by way
of bona fide sale or other negotiation for value; provided that the Securities
to be so credited have not been previously so credited.  The
Securities to be so credited shall be received and credited for such purpose by
the Trustee at the Redemption Price for such Securities, as specified in the
Securities so to be redeemed, for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced
accordingly.

     

    Section
12.3 Redemption of Securities for Sinking
Fund.  Not less than 60 days prior to each sinking fund
payment date for any series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing
sinking fund payment for such Securities pursuant to the terms of such
Securities, the portion thereof, if any, which is to be satisfied by payment of
cash in the currency in which the Securities of such series are payable (except
as provided pursuant to Section 3.1) and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities pursuant to
Section 12.2 and will also deliver to the Trustee any Securities to be so
delivered.  Such Officers’ Certificate shall be irrevocable and upon
its delivery the Company shall be obligated to make the cash payment or payments
therein referred to, if any, on or before the succeeding sinking fund payment
date.  In the case of the failure of the Company to deliver such
Officers’ Certificate (or, as required by this Indenture, the Securities and
coupons, if any, specified in such Officers’ Certificate), the sinking fund
payment due on the succeeding sinking fund payment date for such series shall be
paid entirely in cash and shall be sufficient to redeem the principal amount of
the Securities of such series subject to a mandatory sinking fund payment
without the right to deliver or credit securities as provided in Section 12.2
and without the right to make the optional sinking fund payment with respect to
such series at such time.

     

    Any
sinking fund payment or payments (mandatory or optional) made in cash plus any
unused balance of any preceding sinking fund payments made with respect to the
Securities of any particular series shall be applied by the Trustee (or by the
Company if the Company is acting as its own Paying Agent) on the sinking fund
payment date on which such payment is made (or, if such payment is made

     

    
      

        
          
            
              
                 

              

              
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    before a
sinking fund payment date, on the sinking fund payment date immediately
following the date of such payment) to the redemption of Securities of such
series at the Redemption Price specified in such Securities with respect to the
sinking fund.  Any sinking fund moneys not so applied or allocated by
the Trustee (or, if the Company is acting as its own Paying Agent, segregated
and held in trust by the Company as provided in Section 10.3) for such
series and together with such payment (or such amount so segregated) shall be
applied in accordance with the provisions of this Section.  Any and
all sinking fund moneys with respect to the Securities of any particular series
held by the Trustee (or if the Company is acting as its own Paying Agent,
segregated and held in trust as provided in Section 10.3) on the last
sinking fund payment date with respect to Securities of such series and not held
for the payment or redemption of particular Securities of such series shall be
applied by the Trustee (or by the Company if the Company is acting as its own
Paying Agent), together with other moneys, if necessary, to be deposited (or
segregated) sufficient for the purpose, to the payment of the principal of the
Securities of such series at Maturity.  The Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 11.3 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner provided in
Section 11.4.  Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in
Section 11.6.  On or before each sinking fund payment date, the
Company shall pay to the Trustee (or, if the Company is acting as its own Paying
Agent, the Company shall segregate and hold in trust as provided in
Section 10.3) in cash a sum in the currency in which Securities of such
series are payable (except as provided pursuant to Section 3.1) equal to
the principal, premium, if any, and any interest accrued to the Redemption Date
for Securities or portions thereof to be redeemed on such sinking fund payment
date pursuant to this Section.

     

    Neither
the Trustee nor the Company shall redeem any Securities of a series with sinking
fund moneys or mail any notice of redemption of Securities of such series by
operation of the sinking fund for such series during the continuance of a
default in payment of interest, if any, on any Securities of such series or of
any Event of Default (other than an Event of Default occurring as a consequence
of this paragraph) with respect to the Securities of such series, except that if
the notice of redemption shall have been provided in accordance with the
provisions hereof, the Trustee (or the Company, if the Company is then acting as
its own Paying Agent) shall redeem such Securities if cash sufficient for that
purpose shall be deposited with the Trustee (or segregated by the Company) for
that purpose in accordance with the terms of this Article.  Except as
aforesaid, any moneys in the sinking fund for such series at the time when any
such default or Event of Default shall occur and any moneys thereafter paid into
such sinking fund shall, during the continuance of such default or Event of
Default, be held as security for the payment of the Securities and coupons, if
any, of such series; provided, however, that in case such
default or Event of Default shall have been cured or waived herein, such moneys
shall thereafter be applied on the next sinking fund payment date for the
Securities of such series on which such moneys may be applied pursuant to the
provisions of this Section.

     

    ARTICLE XIII

     

    SUBORDINATION
OF SECURITIES

     

    Section
13.1 Securities Subordinate to Senior
Debt.  The Company, for itself, its successors and assigns,
covenants and agrees, and each Holder likewise covenants and agrees by his
acceptance thereof, that the obligations of the Company to make any payment on
account of the principal of (and premium, if any) and interest (including any
Additional Interest) on each and all of the Securities shall be subordinate and
junior, to the extent and in the manner hereinafter set forth, in right of
payment and upon liquidation to the Company’s obligations to the holders of
Senior Debt of the Company.

     

    
      

        
          
            
              
                 

              

              
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    Section
13.2 Company Not to Pay if Senior Debt of
Company is in Default.  No payment on account of principal (and
premium, if any) or interest (including any Additional Interest) on the
Securities shall be made by the Company unless full payment of amounts then due
for principal (and premium, if any), sinking funds, and interest on Senior Debt
of the Company has been made for duly provided for in money or money’s worth in
accordance with its terms.  No payment on account of principal or
interest on the Securities shall be made by the Company if, at the time of such
payment or immediately after giving effect thereto, there shall have occurred an
event of default with respect to any Senior Debt of the Company or in any
instrument under which the same is outstanding, permitting the holders thereof
(or a trustee on behalf of the holders thereof) to accelerate the maturity
thereof, or an event that, with the giving of notice or the passage of time or
both, would constitute such event of default, and such event of default shall
not have been cured or waived.

     

    Section
13.3 Payment over of Proceeds upon
Dissolution, Default, Etc., of the Company.  The Company agrees
that upon (i) the occurrence of any event of default referred to in
Section 13.2 above that shall not have been cured or waived or
(ii) any payment 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 total or partial liquidation or reorganization of
the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership, conservatorship or other proceedings, all principal (and premium,
if any), sinking fund payments and interest due or to become due upon all Senior
Debt of the Company shall first be paid in full, or payment thereof provided for
in money or money’s worth in accordance with its terms, before any payment is
made on account of the principal of or interest on the indebtedness evidenced by
the Securities due and owing at the time and upon any such dissolution or
winding up or liquidation or reorganization, any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities (other than securities of the Company or any other Person provided
for by a plan of reorganization or readjustment, the payment of which is
subordinate, at least to the extent provided in this Section with respect
to the Securities, to the payment in full of all Senior Debt, provided the rights of
the Holders of the Senior Debt are not altered by such reorganization or
readjustment), to which the Holders of the Securities would, except for the
provisions hereof, be entitled, 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 Holders or by the Trustee under this
instrument if received by them or it, directly to the holders of Senior Debt of
the Company (pro rata to each such holder on the basis of the respective amounts
of Senior Debt held by such holder) or their representatives, to the extent
necessary to pay all Senior Debt of the Company 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 Debt, before any payment or distribution is made to
the Holders of the indebtedness evidenced by the Securities or to the Trustee or
to any Paying Agent for the account of the Holders of the Securities (subject,
in the case of the Trustee or any Paying Agent, to the provisions of
Section 6.7) under this instrument.

     

    In the
event that any payment or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, including any such payment
or distribution that may be payable or deliverable by reason of the payment of
any other indebtedness of the Company being subordinated to the payment of the
Securities, not permitted by the foregoing, shall be received by the Trustee or
any Holder before all Senior Debt of the Company is paid in full, or provision
is made for such payment, 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 Debt of the Company (pro rata to each such holder
on the basis of the respective amounts of Senior Debt held by such holder) or
their representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any of such Senior Debt
of the Company may have been issued, as their respective interests may appear,
or to any receiver, trustee in bankruptcy, liquidating trustee, agent or other
person making such distribution, for application to the payment of all Senior
Debt of the Company remaining unpaid to 

     

    
      

        
          
            
              
                 

              

              
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    the
extent necessary to pay all such Senior Debt of the Company in full in
accordance with its terms, after giving effect to any concurrent payment or
distribution to the holders of such Senior Debt of the Company.

     

    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 of its properties and assets substantially as an entirety
to another Person upon the terms and conditions set forth in Article VIII
shall not be deemed a dissolution, winding up, liquidation or reorganization for
the purposes of this Section if the corporation formed by such
consolidation or into which the Company is merged or the Person that acquires by
conveyance or transfer such properties and assets substantially as an entirety,
as the case may be, shall, as a part of such consolidation, merger, conveyance
or transfer, comply with the conditions set forth in
Article VIII.

     

    Section
13.4 Subrogation to Rights of Holders of
Senior Debt.  Subject to the prior payment in full of all
Senior Debt of the Company, the Holders shall be subrogated (equally and ratably
with the holders of all indebtedness of the Company that by its express terms is
subordinated to indebtedness of the Company to substantially the same extent as
the Securities are subordinated and is entitled to like rights of subrogation)
to the rights of the holders of such Senior Debt to receive payments or
distributions of cash, property and securities applicable to the Senior Debt of
the Company until the Securities shall be paid in full.  For purposes
of such subrogation, no payments or distributions in respect of the Senior Debt
of the Company of any cash, property or securities to which the Holders of the
Securities or the Trustee would be entitled except for the provisions of this
Article, and no payments over pursuant to the provisions of this Article to
the holders of Senior Debt by Holders of the Securities or the Trustee, shall,
as between the Company, its creditors other than holders of Senior Debt of the
Company and the Holders of the Securities, be deemed to be a payment or
distribution by the Company to or on account of the Senior Debt of the Company;
and no payments or distributions to the Trustee or the Holders of the Securities
of cash, property or securities that are applied to the satisfaction of Senior
Debt of the Company, as the case may be, by virtue of the subordination herein
provided for shall, as between the Company, its creditors other than the holders
of Senior Debt of the Company and the Holders of the Securities, be deemed to be
a payment by the Company to or on account of the Securities.

     

    Section
13.5 Reliance on Certificate of
Liquidating Agent.  Upon any payment or distribution of assets
of the Company referred to in this Article, the Trustee, subject to the
provisions of Section 6.1, and the Holders shall be entitled to rely upon
an order or decree made by any court of competent jurisdiction in which such
dissolution or winding up or liquidation or reorganization or arrangement
proceedings are pending or upon a certificate of the trustee in bankruptcy,
receiver, conservator, assignee for the benefit of creditors or other person
making such payment or distribution, delivered to the Trustee or to the Holders,
for the purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Debt, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent or to this Article.

     

    Section
13.6 Payment Permitted if No
Default.  Nothing contained in this Article or elsewhere
in this Indenture, or in any of the Securities, shall prevent (a) the
Company, at any time except during the pendency of any dissolution, winding up,
liquidation or reorganization or other similar proceedings referred to in
Section 13.3 or under the conditions described in Section 13.2, from
making payments at any time of principal of (or premium, if any) or interest
(including any Additional Interest) on the Securities or (b) the
application by the Trustee or any Paying Agent of any moneys deposited with it
hereunder to the payment of or on account of the principal of (or premium, if
any) or interest (including any Additional Interest) on Securities or the
retention by such payment by the Holders, if, at the time of such application,
the Trustee or such Paying Agent, as the case may be, did not have knowledge
that such payment would have been prohibited by the provisions of this
Article.

     

    
      

        
          
            
              
                 

              

              
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    Section
13.7 Trustee Not Charged with Knowledge
of Prohibition.  Anything in this Article or elsewhere in
this Indenture contained to the contrary notwithstanding, the Trustee shall not
at any time 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 and, subject
to the provisions of Section 6.1, shall be entitled to assume that no event
of default or prohibition specified in Section 13.2 has happened, until the
Trustee shall have received an Officers’ Certificate of the Company to that
effect or notice in writing signed by or on behalf of the holders, or their
representatives, of Senior Debt of the Company who shall have been certified by
the Company or otherwise established to the reasonable satisfaction of the
Trustee to be such holders or representatives or from any trustee under any
indenture pursuant to which such Senior Debt shall be outstanding.

     

    Section
13.8 Provisions are Solely to Define
Relative Rights.  The provisions of this Article are and
are intended solely for the purpose of defining the relative rights of the
Holders on the one hand, and the holders of the Senior Debt on the
other.  Nothing contained in this Article or elsewhere in this
Indenture or in the Securities is intended to or shall (a) impair, as among
the Company, its creditors other than holders of Senior Debt and the Holders of
the Securities, the obligation of the Company, which is absolute and
unconditional (and which, subject to the rights under this Article of the
holders of Senior Debt, is intended to rank equally with all other general
obligations of the Company), to pay to the Holders of the Securities the
principal of (and premium, if any, on) and interest on the Securities as and
when the same shall become due and payable in accordance with their terms;
(b) affect the relative rights against the Company of the Holders of the
Securities and creditors of the Company other than the holders of Senior Debt;
or (c) prevent the Trustee or the Holder of any Security from exercising
all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article of the holders
of Senior Debt, to receive cash, property and securities otherwise payable or
deliverable to the Trustee or such Holder.

     

    Section
13.9 No Waiver of Subordination
Provisions.  No right of any present or future holder of any
Senior Debt 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 any such
holder may have or be otherwise charged with.

     

    Section
13.10 Trustee to Effectuate
Subordination.  Each Holder by his acceptance of a Security or
Securities authorizes and directs the Trustee in his behalf to take such action
as may be necessary or appropriate to effectuate the subordination as provided
in this Article and appoints the Trustee his attorney-in-fact for any and
all such purposes.

     

    Section
13.11 Rights of Trustee as Holder of
Senior Debt.  The Trustee shall be entitled to all the rights
set forth in this Article with respect to any Senior Debt that may at any
time be held by it, to the same extent as any other holder of Senior Debt, as
the case may be, and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder.

     

    Section
13.12 Article Applicable to Paying
Agents.  In case at any time any Paying Agent other than the
Trustee shall have been appointed by the Company with respect to a series of
securities and be then acting hereunder, the term “Trustee” as used in this
Article shall in such case (unless the context shall otherwise require) be
construed as extending to, and including such Paying Agent within its meaning as
fully for all intents and purposes as if such Paying Agent were named in this
Article in addition to or in place of the Trustee; provided, however, that
Sections 13.8 and 13.11 shall not apply to the Company or any Affiliate of
the Company if it or such Affiliate acts as Paying Agent; and provided, further, that no Paying Agent
(other than the Company or any Affiliate of the Company if it or such

     

    
      

        
          
            
              
                 

              

              
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    Affiliate
acts as Paying Agent) shall be deemed to owe any fiduciary duty to the holders
of Senior Debt or shall be liable to any such holder if it shall pay over or
distribute to or on behalf of Holders of Securities or the Company or any other
Person moneys or assets to which any holder of Senior Debt shall be entitled by
virtue of this Article or otherwise.  No Paying Agent shall be
deemed to have received any Officers’ Certificate or notice required pursuant to
or referred in this Article (whether or not actually received) until after
the second Business Day after any such notice shall have been delivered to a
Responsible Officer of such Paying Agent at the Paying Agent Office of such
Paying Agent, as such Responsible Officer and Paying Agent Office shall be
specified with respect to such series in accordance with Section 3.1; and
furthermore, Section 6.1 (as referred to in Section 13.7) is not
applicable to any Paying Agent.

     

    ARTICLE XIV

     

    REPAYMENT
AT THE OPTION OF HOLDERS

     

    Section
14.1 Applicability of
Article.  Securities of any series that are repayable at the
option of the Holders thereof before their Stated Maturity shall be repaid in
accordance with their terms and (except as otherwise specified pursuant to
Section 3.1 for Securities of such series) in accordance with this
Article.

     

    Section
14.2 Repayment of
Securities.  Each Security that is subject to repayment in
whole or in part at the option of the Holder thereof on a Repayment Date shall
be repaid at the applicable Repayment Price together with interest accrued to
such Repayment Date as specified pursuant to Section 3.1.

     

    Section
14.3 Exercise of Option;
Notice.  Each Holder desiring to exercise such Holder’s option
for repayment shall, as conditions to such repayment, surrender the Security to
be repaid in whole or in part together with written notice of the exercise of
such option at any office or agency of the Company in a Place of Payment, not
less than 30 nor more than 45 days prior to the Repayment
Date.  Such notice, which shall be irrevocable, shall specify the
principal amount of such Security to be repaid, which shall be equal to the
minimum authorized denomination for such Security or an integral multiple
thereof, and shall identify the Security to be repaid and, in the case of a
partial repayment of the Security, shall specify the denomination or
denominations of the Security or Securities of the same series to be issued to
the Holder for the portion of the principal of the Security surrendered that is
not to be repaid.

     

    The
Company shall execute and the Trustee shall authenticate and deliver without
service charge to the Holder of any Security so surrendered a new Security or
Securities of the same series, of any authorized denomination specified in the
foregoing notice, in an aggregate principal amount equal to any portion of the
principal of the Security so surrendered that is not to be repaid.

     

    For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the repayment of Securities shall relate, in the case of
any Security repaid or to be repaid only in part, to the portion of the
principal of such Security that has been or is to be repaid.

     

    Section
14.4 Securities Payable on the Repayment
Date.  Notice of exercise of the option of repayment having
been given and the Securities so to be repaid having been surrendered as
aforesaid, such Securities shall, unless purchased in accordance with this
Section, on the Repayment Date become due and payable at the price therein
specified and from and after the Repayment Date such Securities shall cease to
bear interest and shall be paid on the Repayment Date, unless the Company shall
default in the payment of such price in which case the Company shall continue to
be obligated for the principal amount of such Securities and shall be obligated
to pay interest on such principal amount at the rate borne by such Securities
from time to time until payment in full of such principal amount.

     

    
      

        
          
            
              
                 

              

              
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    * * *
*

     

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

     

    

    
      
        
           

        

        
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    IN WITNESS WHEREOF, the
parties hereto have caused this Indenture to be duly executed and attested, all
as of the day and year first above written.

     

    
      
        	 	
                PRIVATEBANCORP,
      INC.

              	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/Larry
      D. Richman 	 
	 	 	Name:
      Larry D. Richman	 
	 	 	
                Title:
      President and Chief Financial
      Officer

              	 
	 	 	 	 

      

    

     

    
      
        	 Attest:	 	 	 	 
	 	 	 	 	 
	
                By:/s/Meeghan
      O’Donnell

              	 	 	
                 

              	 
	
                 

              	 	 	
                 

              	 
	
                 

              	 	 	
                 

              	 

      

    

     

    
      
        
          	 	
                  WILMINGTON
      TRUST COMPANY,

                	 
	 	 Individually
      and as Trustee	 
	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Michael
      H. Wass	 
	 	 	Name:
      Michael H. Wass	 
	 	 	
                  Title: Financial Services
      Officer 

                	 
	 	 	 	 

        

      

       

      
        
          	 Attest:	 	 	 	 
	 	 	 	 	 
	
                  By:/s/Unassociated Document

     

    
      EXHIBIT
4.3

       

      FIRST
SUPPLEMENTAL INDENTURE

       

      between

       

      PRIVATEBANCORP,
INC.

       

      and

       

      WILMINGTON
TRUST COMPANY

       

      Dated as
of May 22, 2008

       

       

      Supplement
to Junior Subordinated Indenture,

      dated as
of May 22, 2008

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        TABLE
OF CONTENTS

         

        Page

      

      
        

        
          	
                  ARTICLE I                                DEFINITIONS

                	
                  1

                
	
                  Section
      1.1

                	
                  Definitions

                	
                  1

                   

                
	
                  ARTICLE II                                GENERAL
      TERMS AND CONDITIONS OF THE DEBENTURES

                	
                  7

                
	
                  Section
      2.1

                	
                  Designation,
      Principal Amount and Authorized Denomination

                	
                  7

                
	
                  Section
      2.2

                	
                  Repayment

                	
                  8

                
	
                  Section
      2.3

                	
                  Form

                	
                  8

                
	
                  Section
      2.4

                	
                  Rate
      of Interest; Interest Payment Date

                	
                  8

                
	
                  Section
      2.5

                	
                  Interest
      Deferral

                	
                  8

                
	
                  Section
      2.6

                	
                  Dividend
      and Other Payment Stoppages during Deferral Period

                	
                  9

                
	
                  Section
      2.7

                	
                  Alternative
      Payment Mechanism

                	
                  11

                
	
                  Section
      2.8

                	
                  Redemption
      of the Debentures

                	
                  13

                
	
                  Section
      2.9

                	
                  Events
      of Default

                	
                  13

                
	
                  Section
      2.10

                	
                  Securities
      Registrar; Paying Agent; Delegation of Trustee Duties

                	
                  13

                
	
                  Section
      2.11

                	
                  Obligation
      to Seek Shareholder Approval to Increase Authorized Shares

                	
                  13

                
	
                  Section
      2.12

                	
                  Limitation
      on Claims in the Event of Bankruptcy, Insolvency or
      Receivership

                	
                  14

                
	
                  Section
      2.13

                	
                  Amendment

                	
                  14

                   

                
	
                  ARTICLE III                                REPAYMENT
      OF DEBENTURES

                	
                  14

                
	
                  Section
      3.1

                	
                  Deposit
      of Repayment Amount

                	
                  14

                
	
                  Section
      3.2

                	
                  Repayment
      of Debentures

                	
                  14

                   

                
	
                  ARTICLE IV                                EXPENSES

                	
                  14

                
	
                  Section
      4.1

                	
                  Expenses

                	
                  14

                   

                
	
                  ARTICLE V                                FORM
      OF Debenture

                	
                  15

                
	
                  Section
      5.1

                	
                  Form
      of Debentures

                	
                  15

                   

                
	
                  ARTICLE VI                                ORIGINAL
      ISSUE OF DEBENTURES

                	
                  22

                
	
                  Section
      6.1

                	
                  Original
      Issue of Debentures

                	
                  22

                
	
                  Section
      6.2

                	
                  Calculation
      of Original Issue Discount

                	
                  22

                   

                
	
                  ARTICLE VII                                SUBORDINATION

                	
                  22

                
	
                  Section
      7.1

                	
                  Senior
      Debt

                	
                  22

                
	
                  Section
      7.2

                	
                  Compliance
      with Federal Reserve Rules

                	
                  22

                   

                
	
                  ARTICLE VIII                                MISCELLANEOUS

                	
                  23

                
	
                  Section
      8.1

                	
                  Effectiveness

                	
                  23

                
	
                  Section
      8.2

                	
                  Successors
      and Assigns

                	
                  23

                
	
                  Section
      8.3

                	
                  Further
      Assurances

                	
                  23

                
	
                  Section
      8.4

                	
                  Effect
      of Recitals

                	
                  23

                
	
                  Section
      8.5

                	
                  Ratification
      of Indenture

                	
                  23

                
	
                  Section
      8.6

                	
                  Governing
      Law

                	
                  23

                

        

      

      

      

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

         

      

      FIRST SUPPLEMENTAL INDENTURE,
dated as of May 22, 2008, between PRIVATEBANCORP, INC., a
Delaware corporation (the “Company”), and WILMINGTON TRUST COMPANY, as
trustee (hereinafter called the “Trustee”).

       

      RECITALS
OF THE COMPANY

       

      The
Company and the Trustee entered into a Junior Subordinated Indenture, dated as
of May 22, 2008 (the “Indenture”).

       

      PrivateBancorp
Capital Trust IV, a Delaware statutory trust (the “Trust”), has offered to the
public its Preferred Securities known as 10.00% Trust Preferred Securities (the
“Trust Preferred
Securities”), which are beneficial interests in the Trust, and proposes
to invest the proceeds from such offering, together with the proceeds of the
issuance and sale by the Trust to the Company of its common securities (the
“Trust Common
Securities” and, together with the Trust Preferred Securities, the “Trust Securities”), in the
Debentures (as defined herein).

       

      Pursuant
to Sections 2.1 and 3.1 of the Indenture, the Company desires to provide
for the establishment of a new series of Securities under the Indenture, the
form and substance of such Securities and the terms, provisions and conditions
thereof to be set forth as provided in the Indenture and this First Supplemental
Indenture.

       

      The
Company has delivered to the Trustee an Opinion of Counsel and an Officers’
Certificate pursuant to Section 9.3 of the Indenture to the effect that all
conditions precedent provided for in the Indenture to the Trustee’s execution
and delivery of this First Supplemental Indenture have been complied
with.

       

      The
Company has requested that the Trustee execute and deliver this First
Supplemental Indenture and satisfy all requirements necessary to make this First
Supplemental Indenture a valid instrument in accordance with its terms, and to
make the Debentures, when executed by the Company and authenticated and
delivered by the Trustee, the valid obligations of the Company and all acts and
things necessary have been done and performed to make this First Supplemental
Indenture enforceable in accordance with its terms, and the execution and
delivery of this First Supplemental Indenture has been duly authorized in all
respects.

       

      NOW, THEREFORE, THIS FIRST
SUPPLEMENTAL INDENTURE WITNESSETH: For and in consideration of the
premises and the purchase of the Debentures by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Debentures, as follows:

       

      ARTICLE I

       

      DEFINITIONS

       

      Section
1.1                                Definitions.  For
all purposes of this First Supplemental Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

       

      (a)           Terms
defined in the Indenture or the Declaration of Trust (as defined herein) have
the same meaning when used in this First Supplemental Indenture unless otherwise
specified herein.

       

      (b)           The
terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (c)           The
words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this First Supplemental Indenture as a whole and not to any particular
Article, Section or other subdivision, and any reference to an Article,
Section or other subdivision refers to an Article, Section or other
subdivision of this First Supplemental Indenture.

       

      (d)           Any
reference herein to “interest” shall include any Additional
Interest.

       

      “Additional Interest” means the
interest, if any, that shall accrue on any interest on the Securities of any
series the payment of which has not been made on the applicable Interest Payment
Date and that shall accrue at the rate per annum specified or determined as
specified in such Security.

       

      “Administrative Trustee” has
the meaning specified in the Declaration of Trust.

       

      “APM Period” means, with
respect to any Deferral Period, the period commencing on the earlier of
(i) the first Interest Payment Date following the commencement of such
Deferral Period on which the Company pays any current interest on the Debentures
from any source of funds or (ii) the fifth anniversary of the commencement
of the Deferral Period, and ending on the next Interest Payment Date on which
the Company has raised an amount of Eligible Proceeds at least equal to the
aggregate amount of accrued and unpaid deferred interest on the
Debentures.

       

      “Bankruptcy Event” has the
meaning specified in the Declaration of Trust.

       

      “Business Combination” means a
merger, consolidation, amalgamation or conveyance, transfer or lease of assets
substantially as an entirety by one Person to any other Person.

       

      “Capital Treatment Event” means
the Company’s reasonable determination, after consultation with the Federal
Reserve and outside counsel experienced in such matters, that, as a result of
the occurrence of any amendment to, or change (including any announced
prospective change) in, the laws (or any rules or regulations thereunder) of the
United States or any political subdivision thereof or therein, or as a result of
any official or administrative pronouncement or action or judicial 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 issuance of the Trust Preferred Securities, there is more
than an insubstantial risk that the Company will not be entitled to treat an
amount equal to the aggregate liquidation amount of the Trust Preferred
Securities as “Tier 1 capital” (or the then equivalent thereof) for purposes of
the capital adequacy guidelines of the Federal Reserve, as then in effect and
applicable to the Company.

       

      “Commercially Reasonable
Efforts” to sell Qualifying APM Securities means commercially reasonable
efforts to complete the offer and sale of Qualifying APM Securities to Persons
other than Subsidiaries in public offerings or private
placements.  The Company shall not be considered to have made
Commercially Reasonable Efforts to effect a sale of Qualifying APM Securities if
it determines not to pursue or complete such sale due to pricing, coupon,
dividend rate or dilution considerations.

       

      “Common Equity Issuance Cap”
has the meaning specified in Section 2.7(a)(i).

       

      “Common Stock” means the common
stock of the Company (including Common Stock issued pursuant to the Company’s
dividend reinvestment plan and employee benefit plans).

       

      “Company” has the meaning
specified in the Recitals.

       

      “Covered Debt” has the meaning
specified in the Replacement Capital Covenant.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      “Creditor” has the meaning
specified in Section 4.1.

       

      “Current Stock Market Price”
means, with respect to Common Stock on any date, (i) the closing sale price
per share (or if no closing sale price is reported, the average of the bid and
ask prices or, if more than one in either case, the average of the average bid
and the average ask prices) on that date as reported in composite transactions
by the Nasdaq Global Select Market, (ii) if Common Stock is not then listed
on the Nasdaq Global Select Market, as reported by the principal U.S. securities
exchange on which Common Stock is traded or quoted on the relevant date,
(iii) if Common Stock is not listed on any U.S. securities exchange on the
relevant date, the last quoted bid price for Common Stock in the
over-the-counter market on the relevant date as reported by the OTC Bulletin
Board, Pink Sheets LLC or a similar organization, or (iv) if Common Stock
is not so quoted, the average of the mid-point of the last bid and ask prices
for Common Stock on the relevant date from each of at least three nationally
recognized independent investment banking firms selected by the Company for this
purpose.

       

      “Debentures” has the meaning
set forth in Section 2.1 hereof.

       

      “Declaration of Trust” means
the Amended and Restated Declaration of Trust, dated as of May 22, 2008,
among the Company, as Sponsor of the Trust, Wilmington Trust Company, as the
Property Trustee, Wilmington Trust Company, as the Delaware Trustee, and the
Administrative Trustees.

       

      “Deferral Period(s)” means the
period commencing on an Interest Payment Date with respect to which the Company
elects to defer interest pursuant to Section 2.5 and ending on the earlier
of (i) the tenth anniversary of that Interest Payment Date and
(ii) the next Interest Payment Date on which the Company has paid the
amount deferred, all deferred amounts with respect to any subsequent period and
all other accrued and unpaid interest on the Debentures.  The
settlement of all deferred interest pursuant to Section 2.5(c), whether it
occurs on an Interest Payment Date or another date, will immediately terminate
the Deferral Period.

       

      “Delaware Trustee” has the
meaning specified in the Declaration of Trust.

       

      “Eligible Proceeds” means, for
each relevant Interest Payment Date, the net proceeds (after deducting
underwriters’ or placement agents’ fees, commissions or discounts and other
expenses relating to the issuance or sale) the Company has received during the
180-day period prior to such Interest Payment Date from the issuance or sale of
Qualifying APM Securities (excluding sales of Qualifying Preferred Stock in
excess of the Preferred Stock Issuance Cap) to Persons that are not the
Company’s Subsidiaries.

       

      “First Supplemental Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more agreements supplemental hereto entered
into pursuant to the applicable provisions hereof.

       

      “Guarantee Agreement” means the
Guarantee Agreement between the Company, as guarantor, and Wilmington Trust
Company, as guarantee trustee, dated as of May 22, 2008.

       

      “Indenture” has the meaning
specified in the Recitals.

       

      “Intent-Based Replacement
Disclosure” has the meaning specified in the Replacement Capital
Covenant.

       

      “Interest Payment Dates” shall
have the meaning specified in Section 2.4.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      “Interest Period” means the
period beginning on and including any Interest Payment Date (or, in the case of
the first Interest Payment Date, beginning on and including May 22, 2008)
and ending on but excluding the next Interest Payment Date.

       

      “Liquidation Amount” has the
meaning specified in the Declaration of Trust.

       

      “Mandatory Trigger Provision”
has the meaning specified in the Replacement Capital Covenant.

       

      “Market Disruption Event”
means, with respect to the issuance or sale of Qualifying APM Securities
pursuant to Section 2.7, the occurrence or existence of any of the
following events or sets of circumstances:

       

      (i)           Trading
in securities generally (or in the Common Stock or Trust Preferred Securities
specifically) on the Nasdaq Global Select Market or any other national
securities exchange or in the over-the-counter market, on which Common Stock
and/or Trust Preferred Securities are then listed or traded, shall have been
suspended or the settlement of such trading generally shall have been materially
disrupted or minimum prices shall have been established on any such exchange or
market by the United States Securities and Exchange Commission, by the relevant
exchange or by any other regulatory body or governmental body having
jurisdiction, and the establishment of such minimum prices materially disrupts
or otherwise has a material adverse effect on trading in, or the issuance and
sale of, Qualifying APM Securities;

       

      (ii)           The
Company would be required to obtain the consent or approval of a regulatory body
(including, without limitation, any securities exchange but excluding the
Federal Reserve) or governmental authority to issue or sell Qualifying APM
Securities pursuant to the alternative payment mechanism described in
Section 2.7, and such consent or approval has not yet been obtained
notwithstanding the Company’s commercially reasonable efforts to obtain such
consent or approval;

       

      (iii)           A
banking moratorium shall have been declared by the federal or state authorities
of the United States and such disruption materially disrupts or otherwise has a
material adverse effect on trading in, or the issuance or sale of, the
Qualifying APM Securities;

       

      (iv)           A
material disruption shall have occurred in commercial banking or securities
settlement or clearance services in the United States and such disruption
materially disrupts or otherwise has a material adverse effect on trading in, or
the issuance or sale of, the Qualifying APM Securities;

       

      (v)           The
United States shall have become engaged in hostilities, there shall have been an
escalation in hostilities involving the United States, there shall have been a
declaration of a national emergency or war by the United States or there shall
have occurred any other national or international calamity or crisis such that
market trading in, or the issuance and sale of, Qualifying APM Securities has
been materially disrupted;

       

      (vi)           There
shall have occurred such a material adverse change in general domestic or
international economic, political or financial conditions, including without
limitation as a result of terrorist activities, such that market trading in
Qualifying APM Securities has been materially disrupted;

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (vii)           An
event occurs and is continuing as a result of which the offering document for
such offer and sale of Qualifying APM Securities would, in the reasonable
judgment of the Company, after consultation with outside counsel experienced in
such matters, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and either (x) the disclosure of that event at such
time, in the reasonable judgment of the Company, is not otherwise required by
law and would have a material adverse effect on the business of the Company or
(y) the disclosure relates to a previously undisclosed proposed or pending
material business transaction, the disclosure of which would impede the ability
of the Company to consummate such transaction, provided that no single
suspension period contemplated by this paragraph (viii) shall exceed 90
consecutive days and multiple suspension periods contemplated by this paragraph
(viii) shall not exceed an aggregate of 180 days in any 360-day period;
or

       

      (viii)           the
Company reasonably believes, after consultation with outside counsel experienced
in such matters, that the offering document for such offer and sale of
Qualifying APM Securities would not be in compliance with a rule or regulation
of the United States Securities and Exchange Commission (for reasons other than
those referred to in paragraph (viii) above), and the Company is unable to
comply with such rule or regulation or such compliance is unduly burdensome,
provided that no single suspension period contemplated by this paragraph (ix)
shall exceed 90 consecutive days and multiple suspension periods contemplated by
this paragraph (ix) shall not exceed an aggregate of 180 days in any 360-day
period.

       

      “Maturity Date” has the meaning
specified in Section 2.2(a).

       

      “Parity Securities” means debt
securities or guarantees of the Company that rank upon liquidation on a parity
with the Debentures.

       

      “Paying Agent” means, with
respect to the Debentures, Wilmington Trust Company or any other Person
authorized by the Company to pay the principal of (and premium, if any) or
interest on the Debentures on behalf of the Company.

       

      “Paying Agent Office” means the
office of the applicable Paying Agent at which at any particular time its
corporate agency business shall principally be administered in a Place of
Payment, which office at the date hereof in the case of Wilmington Trust
Company, in its capacity as Paying Agent with respect to the Debentures under
the Indenture, is located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19801, Attention: Corporate Trust
Administration.

       

      “Permitted Remedies” has the
meaning specified in the Replacement Capital Covenant.

       

      “Preferred Stock” means the
preferred stock of the Company.

       

      “Preferred Stock Issuance Cap”
has the meaning specified in Section 2.7(a)(ii).

       

      “Prospectus” means the
prospectus, dated May 8, 2008, of the Company and the Trust relating to the
offering of the Trust Preferred Securities, as supplemented by the prospectus
supplement, dated May 8, 2008.

       

      “Qualifying APM Securities”
means Common Stock, Qualifying Preferred Stock and Qualifying Warrants, provided
that the Company may, without the consent of the holders of the Trust Preferred
Securities or the Debentures, amend the definition of “Qualifying APM
Securities” to eliminate Common Stock or Qualifying Warrants (but not both) from
this definition if after the initial issue date for the Trust Preferred
Securities an accounting standard or interpretive guidance of an existing
accounting 

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      standard
issued by an organization or regulator that has responsibility for establishing
or interpreting accounting standards in the United States becomes effective such
that there is more than an insubstantial risk that failure to eliminate Common
Stock or Qualifying Warrants as a Qualifying APM Security would result in a
reduction in the Company’s earnings per share as calculated for financial
reporting purposes.

       

      “Qualifying Preferred Stock”
means non-cumulative perpetual Preferred Stock of the Company that
(i) contains no remedies other than “Permitted Remedies” and
(ii)(a) is subject to “Intent-Based Replacement Disclosure” and has a
“Mandatory Trigger Provision,” as such terms are defined in the Replacement
Capital Covenant, or (b) is subject to a Qualifying Replacement Capital
Covenant.

       

      “Qualifying Replacement Capital
Covenant” has the meaning specified in the Replacement Capital
Covenant.

       

      “Qualifying Warrants” means any
net share settled warrants to purchase Common Stock that (1) have an
exercise price greater than the Current Stock Market Price of Common Stock and
(2) that the Company is not entitled to redeem for cash and the holders of
which are not entitled to require the Company to purchase for cash in any
circumstances.

       

      “Quarterly Interest Payment
Date” shall have the meaning specified in Section 2.4.

       

      “Redemption Date” means the
date at any time after the date hereof on which the Company elects to redeem the
Securities.

       

      “Redemption Price” has the
meaning specified in Section 2.8(a).

       

      “Replacement Capital Covenant”
means the Replacement Capital Covenant, dated as of May 22, 2008, by the
Company, as the same may be amended or supplemented from time to time in
accordance with the provisions thereof and Section 2.2(a)(ii)
hereof.

       

      “Responsible Officer” means,
with respect to Wilmington Trust Company in its capacity as Paying Agent, any
officer within the Corporate Trust Department (or any successor department, unit
or division of Wilmington Trust Company) assigned to the Paying Agent Office of
Wilmington Trust Company, in its capacity as Paying Agent, who has direct
responsibility for the administration of the Paying Agent functions of the
Indenture.

       

      “Securities Registrar” means,
with respect to the Debentures, Wilmington Trust Company, or any other firm
appointed by the Company, acting as securities registrar for the
Debentures.

       

      “Securities Registrar Office”
means the office of the applicable Securities Registrar at which at any
particular time its corporate agency business shall principally be administered,
which office at the date hereof in the case of Wilmington Trust Company, in its
capacity as Securities Registrar under the Indenture, is located at Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19801, Attention:
Corporate Trust Administration.

       

      “Special Record Date” has the
meaning specified in Section 2.5(c).

       

      “Supervisory Event” shall
commence upon the date the Company has notified the Federal Reserve of its
intention and affirmatively requested Federal Reserve approval both (1) to
sell Qualifying APM Securities and (2) to apply the net proceeds of such
sale to pay deferred interest on the Debentures, and the Company has been
notified that the Federal Reserve disapproves of either of these actions, even
though the Company has affirmatively requested approval.  A
Supervisory Event shall cease on the Business Day following the earlier to occur
of (i) the 10th anniversary of the commencement of any

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Deferral
Period or (ii) the day on which the Federal Reserve notifies the Company in
writing that it no longer disapproves of the Company’s intention to both
(1) issue or sell Qualifying APM Securities and (2) apply the net
proceeds from such sale to pay deferred interest on the Debentures.

       

      “Tax Event” means the receipt
by the Company or 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 or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Trust Preferred 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 of Counsel, subject to U.S. federal income tax with respect
to income received or accrued on the corresponding series of Securities issued
by the Company to the Trust, (ii) interest payable by the Company on such
corresponding series of Securities is not, or within 90 days of the date of such
Opinion of Counsel, will not be, deductible by the Company, in whole or in part,
for U.S. federal income tax purposes or (iii) the Trust is, or will be
within 90 days of the date of such Opinion of Counsel, subject to more than a de
minimis amount of other taxes, duties or other governmental
charges.

       

      “Trading Day” means a day on
which Common Stock is traded on the Nasdaq Global Select Market, or if not then
listed on the Nasdaq Global Select Market, a day on which Common Stock is traded
or quoted on the principal U.S. securities exchange on which it is listed or
quoted, or if not then listed or quoted on a U.S. securities exchange, a day on
which Common Stock is quoted in the over-the-counter market.

       

      “Trust” has the meaning
specified in the Recitals.

       

      “Trust Common Securities” has
the meaning specified in the Recitals.

       

      “Trustee” has the meaning
specified in the Recitals.

       

      “Trust Preferred Securities”
has the meaning specified in the Recitals.

       

      “Trust Securities” has the
meaning specified in the Recitals.

       

      “Underwriting Agreement” means
the Underwriting Agreement, dated as of May 15, 2008, among the Trust, the
Company and the underwriters named therein.

       

      ARTICLE II

       

      GENERAL
TERMS AND CONDITIONS OF THE DEBENTURES

       

      Section
2.1                                Designation,
Principal Amount and Authorized Denomination.  There is hereby
authorized a series of Securities designated the 10.00% Junior Subordinated
Debentures due 2068 (the “Debentures”), the amount of
which to be issued shall be as set forth in any Company Order for the
authentication and delivery of Debentures pursuant to the
Indenture.  The denominations in which Debentures shall be issuable is
$25 principal amount and integral multiples thereof.  The maximum
aggregate principal amount of Debentures that may be authenticated and delivered
under the Indenture and this First Supplemental Indenture is $75,000,000 (except
for Debentures authenticated and delivered upon registration of transfer of, or
exchange for, or in lieu of, other Debentures pursuant to Section 3.4, 3.5,
3.6, 9.6, 11.6 or 14.3 of the Indenture).

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      Section
2.2                                Repayment.

       

      (a)           Maturity
Date.

       

      (i)           The
principal amount of, and all accrued and unpaid interest on, the Debentures
shall be payable in full on June 15, 2068 or, if such day is not a Business
Day, the following Business Day (the “Maturity Date”) regardless of
the amount of Qualifying APM Securities the Company may have issued and sold by
that time.

       

      (ii)           The
Company shall not amend or supplement the Replacement Capital Covenant to amend
the definitions incorporated into this First Supplement Indenture except with
the consent of the holders of a majority by principal amount of the debt that at
the time of the amendment or supplement is the covered debt (the “Covered
Debt”).  Except as aforesaid, the Company may amend or
supplement the Replacement Capital Covenant in accordance with its terms and
without the consent of the holders of the Covered Debt.

       

      Section
2.3                                Form.  The
Debentures shall be issued in fully registered definitive form without interest
coupons.  Principal of and interest on the Debentures issued in
definitive form will be payable, the transfer of such Debentures will be
registrable and such Debentures will be exchangeable for Debentures bearing
identical terms and provisions and notices and demands to or upon the Company in
respect of the Debentures and the Indenture may be served at the Corporate Trust
Office of the Trustee, and the Company appoints the Trustee as its agent for the
foregoing purposes, provided that payment of interest may be made at the option
of the Company by check mailed to the Holder at such address as shall appear in
the Securities Register or by wire transfer in immediately available funds to
the bank account number of the Holder specified in writing by the Holder not
less than 10 days before the relevant Interest Payment Date and entered in the
Securities Register by the Securities Registrar, provided further that if the
Property Trustee, on behalf of the Trust, is the sole Holder of the Debentures
then payment of interest shall be made by wire transfer in immediately available
funds to a bank account number specified by the Property Trustee.  The
Debentures may be presented for registration of transfer or exchange at the
Securities Registrar Office.

       

      Section
2.4                                Rate of
Interest; Interest Payment Date.

       

      (a)           Rate of
Interest.  The Debentures shall bear interest from and
including May 22, 2008 at the annual rate of 10.00%, computed on the basis
of a 360-day year comprised of twelve 30-day months.  Accrued interest
that is not paid on the applicable Interest Payment Date, including interest
deferred pursuant to Section 2.5, will bear Additional Interest, to the
extent permitted by law, at the same interest rate in effect on the Debentures,
from the relevant Interest Payment Date, compounded on each subsequent Interest
Payment Date.

       

      (b)           Interest Payment
Date.  Subject to the other provisions hereof, interest on the
Debentures shall be payable quarterly in arrears on March 15, June 15,
September 15 and December 15 of each year, commencing on
September 15, 2008 (each such date, a “Quarterly Interest Payment
Date” and collectively, the “Interest Payment Dates”), or
if any such day is not a Business Day, the following Business Day (and no
interest shall accrue as a result of such postponement).

       

      Section
2.5                                Interest
Deferral.

       

      (a)           Option to Defer Interest
Payments.  The provisions of this First Supplemental Indenture
relating to deferral of interest shall apply in lieu of, and not in addition to,
Section 3.11 of the Indenture.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (i)           The
Company shall have the right at any time and from time to time, to defer the
payment of interest on the Debentures for one or more consecutive Interest
Periods up to 10 years, provided that no Deferral Period shall extend beyond the
Maturity Date or the earlier repayment or redemption in full of the
Debentures.  Upon termination of any Deferral Period and upon the
payment of all deferred interest then due on any Interest Payment Date the
Company may elect to begin a new Deferral Period pursuant to this
Section 2.5.  At the end of any Deferral Period, the Company
shall pay all deferred interest on the Debentures to the Persons in whose names
the Debentures are registered in the Securities Register at the close of
business on the Regular Record Date with respect to the Interest Payment Date at
the end of such Deferral Period.

       

      (ii)           The
Company may elect to pay interest on any Interest Payment Date during any
Deferral Period to the extent permitted by Section 2.5(b).

       

      (b)           Payment of Deferred
Interest.  The Company will not pay deferred interest on the
Debentures on any Interest Payment Date during any Deferral Period prior to the
Maturity Date from any source other than Eligible
Proceeds.  Notwithstanding the foregoing, (i) the Company may pay
current interest during an Deferral Period or at any other time from any
available funds and (ii) if a Supervisory Event or an Event of Default has
occurred and is continuing, then the Company may (but is not obligated to) pay
deferred interest with cash from any source.  In addition, if the
Company sells Qualifying APM Securities pursuant to Section 2.7 but a
Supervisory Event arises as a result of the Federal Reserve disapproving the use
of the proceeds to pay deferred interest, the Company may use the proceeds for
other purposes and continue to defer interest on the Debentures, subject to
Section 2.5(a).

       

      (c)           Business Combination
Exception.  If the Company is involved in a Business
Combination where immediately after its consummation more than 50% of the voting
stock of the Person formed by such Business Combination, or the Person that is
the surviving entity of such Business Combination, or the Person to whom such
properties and assets are conveyed, transferred or leased in such Business
Combination, is owned by the shareholders of the other party to such Business
Combination, then Section 2.5(b) and Section 2.7 shall not apply to
any Deferral Period that is terminated on the next Interest Payment Date
following the date of consummation of such Business Combination (or if later, at
any time within 90 days following the date of consummation of the Business
Combination).  The settlement of all deferred interest, whether it
occurs on an Interest Payment Date or another date, will immediately terminate
the Deferral Period.  The Company will establish a Special Record Date
for the payment of any deferred interest pursuant to this Section 2.5(c) on
a date other than an Interest Payment Date.

       

      (d)           Notice of
Deferral.  The Company shall give written notice of its
election to begin or extend any Deferral Period, (x) if the Property
Trustee, on behalf of the Trust, is the sole Holder of the Debentures, to the
Property Trustee and the Delaware Trustee at least five Business Days before the
earlier of (A) the next succeeding date on which the distributions on the
Trust Preferred Securities are payable and (B) the date the Property
Trustee is required to give notice to holders of the Trust Preferred Securities
of the record or payment date for the related distribution, or (y) if the
Property Trustee, on behalf of the Trust, is not the sole Holder of the
Debentures, to Holders of the Debentures and the Trustee at least five Business
Days before the next Interest Payment Date.  Notice of the Company’s
election of an Deferral Period shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than three Business Days
after the Property Trustee receives written notice from the Company to each
holder of Trust Securities at such holder’s address appearing in the Security
Register.

       

      Section
2.6                                Dividend
and Other Payment Stoppages during Deferral Period.

       

      (a)           Dividend and Other Payment
Stoppages.  So long as any Debentures remain outstanding, if
the Company has given notice of its election to defer interest payments on the
Debentures

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      but the
related Deferral Period has not yet commenced or a Deferral Period is
continuing, the Company shall not, and shall not permit any Subsidiary of the
Company to:

       

      (i)           declare
or pay any dividends or distributions on any shares of capital stock of the
Company, or redeem, purchase, acquire or make a liquidation payment with respect
to, any shares of capital stock of the Company;

       

      (ii)           make
any payment of principal of, or interest or premium, if any, on, or repay,
purchase or redeem any Parity Securities or any debt securities or guarantees of
the Company that ranks pari passu with or junior in interest upon liquidation to
the Debentures; or

       

      (iii)           make
any payments under any guarantee by the Company that ranks pari passu with or
junior to the Guarantee Agreement;

       

      provided,
however, the restrictions in clauses (i), (ii) and (iii) above do not apply to
 any purchase, redemption or other acquisition of shares of the Company’s
capital stock by the Company in connection with (A) any employment
contract, benefit plan or other similar arrangement with or for the benefit of
any one or more of its employees, officers, directors, consultants or
independent contractors, (B) the satisfaction of the Company’s obligations
pursuant to any contract entered into in the ordinary course prior to the
beginning of the applicable Deferral Period (including pursuant to a
contractually binding stock repurchase plan), (C) a dividend reinvestment
or stockholder purchase plan, (D) the issuance of the Company’s capital
stock, or securities convertible into or exercisable for such capital stock, as
consideration in an acquisition transaction entered into prior to the applicable
Deferral Period, (E) any exchange, redemption or conversion of any class or
series of the Company’s capital stock, or the capital stock of one of its
Subsidiaries, for any other class or series of its capital stock, or of any
class or series of its indebtedness for any class or series of its capital
stock, (F) any 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 securities being converted or exchanged, or in effect prior to the
applicable Deferral Period, (G) any declaration of a dividend in connection
with any stockholder rights plan, or the issuance of rights, stock or other
property under any stockholder rights plan, or the redemption or purchase of
rights pursuant thereto, (H) payments by the Company under any guarantee
agreement executed for the benefit of the holders of the Trust Preferred
Securities, (I) any dividend in the form of stock, warrants, options or
other rights where the dividend stock or 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 equally with or junior to such stock,
(J) any payment of current or deferred interest on Parity Securities that
is made pro rata to the amounts due on such Parity Securities (including the
Debentures) provided that such payments are made in accordance with the
limitations described in Section 2.7(c) to the extent they apply, and (K)
any payments of principal or deferred interest on Parity Securities that, if not
made, would cause the Company to breach the terms of the instrument governing
such Parity Securities.  The distribution restrictions and exceptions
in this Section 2.6 shall be in lieu of the distribution restrictions and
exceptions in Section 3.11 of the Indenture.

       

      (b)           Additional Limitation upon
Deferral Lasting over One Year.  If any Deferral Period lasts
longer than one year, the Company may not repurchase or acquire any securities
ranking junior to or pari passu with any Qualifying APM Securities the proceeds
of which were used to settle deferred interest during the relevant Deferral
Period before the first anniversary of the date on which all deferred interest
on the Debentures has been paid, subject to the exceptions listed in
Section 2.6(a).  However, if the Company is involved in a
Business Combination then the one year restriction on such repurchases in the
preceding sentence will not apply to any Deferral Period that is terminated on
or prior to the next Interest Payment Date following the date of consummation of
such Business Combination (or

       

       

      
        
          
          

        

        
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      if later,
at any time within 90 calendar days following the date of consummation of such
Business Combination).

       

      Section
2.7                                Alternative
Payment Mechanism.

       

      (a)           Obligation to Issue
Qualifying APM Securities.  During the APM Period, the Company
shall, subject to the occurrence and continuation of a Supervisory Event or a
Market Disruption Event as described under Section 2.7(b) and subject to
Section 2.5(c), issue one or more types of Qualifying APM Securities until
the Company has raised an amount of Eligible Proceeds at least equal to the
aggregate amount of accrued and unpaid deferred interest on the Debentures and
applied such Eligible Proceeds raised during any Deferral Period pursuant to the
alternative payment mechanism described in this Section 2.7 to pay unpaid
deferred interest on the Debentures, provided that:

       

      (i)           the
foregoing obligations shall not apply to the extent that, with respect to
deferred interest attributable to the first five years of any Deferral Period,
the net proceeds of any issuance of Common Stock (or, if the definition of
Qualifying APM Securities has been modified to exclude Common Stock, Qualifying
Warrants) applied during such Deferral Period to pay interest on the Debentures
pursuant to this Section 2.7, together with the net proceeds of all prior
issuances of Common Stock and Qualifying Warrants so applied for such Deferral
Period, would exceed an amount equal to 2% of the product of (A) the
average of the Current Stock Market Prices of the Common Stock on the 10
consecutive Trading Days ending on the second Trading Day immediately preceding
the date of issuance multiplied by (B) the total number of issued and
outstanding shares of Common Stock as of the date of the Company’s then most
recent publicly available consolidated financial statements (the “Common Equity Issuance Cap”);
provided that the Common Equity Issuance Cap will cease to apply after the fifth
anniversary of the commencement of any Deferral Period, at which point the
Company must pay any deferred interest regardless of the time at which it was
deferred, pursuant to this Section 2.7, subject to any Supervisory Event or
Market Disruption Event; and provided, further, that if the Common Equity
Issuance Cap is reached during a Deferral Period and the Company subsequently
repays all deferred interest, the Common Equity Issuance Cap will cease to apply
at the termination of such Deferral Period and will not apply again unless and
until the Company starts a new Deferral Period; and

       

      (ii)           the
foregoing obligations shall not apply to the extent that the net proceeds of any
issuance of Qualifying Preferred Stock applied to pay interest on the Debentures
pursuant to this Section 2.7, together with the net proceeds of all prior
issuances of Preferred Stock so applied during the current and all prior
Deferral Periods, would exceed 25% of the aggregate principal amount of the
Debentures initially issued under the Indenture (the “Preferred Stock Issuance
Cap”).

       

      For the
avoidance of doubt, (x) once the Company reaches the Common Equity Issuance
Cap for a Deferral Period, the Company shall not be required to issue more
Common Stock (or Qualifying Warrants if the definition of Qualifying APM
Securities has been modified to exclude Common Stock) with respect to deferred
interest attributable to the first five years of such Deferral Period pursuant
to this Section 2.7, even if the amount referred to in clause (i) of
this Section 2.7 subsequently increases because of a subsequent increase in
the Current Stock Market Price of Common Stock or the number of outstanding
shares of Common Stock, and (y) so long as the definition of Qualifying APM
Securities has not been amended to eliminate Common Stock, the sale of
Qualifying Warrants to pay deferred interest is an option that may be exercised
at the Company’s sole discretion, subject to the Common Equity Issuance Cap, and
the Company shall not be obligated to sell Qualifying Warrants or to apply the
proceeds of any

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      such sale
to pay deferred interest on the Debentures, and no class of investors of the
Company’s securities, or any other party, may require the Company to issue
Qualifying Warrants.

       

      (b)           Market Disruption Event and
Supervisory Event.  Section 2.7(a) shall not apply, with
respect to any Interest Payment Date, if the Company shall have provided to the
Trustee (and to the Property Trustee of the Trust to the extent the Trust is the
sole Holder of the Debentures) no more than 15 and no less than 10 Business Days
prior to such Interest Payment Date an Officers’ Certificate stating that
(i) a Market Disruption Event was existing after the immediately preceding
Interest Payment Date and (ii) either (x) the Market Disruption Event
continued for the entire period from the Business Day immediately following the
preceding Interest Payment Date to the Business Day immediately preceding the
date on which such Officers’ Certificate is provided or (y) the Market
Disruption Event continued for only part of such period but the Company was
unable after Commercially Reasonable Efforts to raise sufficient Eligible
Proceeds during the rest of that period to pay all accrued and unpaid interest
due on the Interest Payment Date with respect to which such Officers’
Certificate is being delivered.  Section 2.7(a) shall not apply,
with respect to any Interest Payment Date, if the Company shall have provided to
the Trustee (and to the Property Trustee of the Trust to the extent the Trust is
the sole Holder of the Debentures) on or prior to such Interest Payment Date an
Officers’ Certificate stating that (i) a Supervisory Event was existing
after the immediately preceding Interest Payment Date and (ii) (x) the
Supervisory Event prevented the sale of Qualifying APM Securities for the entire
period from the Business Day immediately following the preceding Interest
Payment Date to the Business Day immediately preceding the date on which such
Officers’ Certificate is provided or (y) the Supervisory Event prevented
the sale of Qualifying APM Securities for only part of such period but the
Company was unable after Commercially Reasonable Efforts to raise sufficient
Eligible Proceeds during the rest of that period to pay all accrued and unpaid
interest due on the Interest Payment Date with respect to which such Officers’
Certificate is being delivered or (z) the Supervisory Event prevents the
Company from applying the net proceeds of sales of Qualifying APM Securities to
pay deferred interest on such Interest Payment Date.

       

      (c)           Partial Payment of Deferred
Interest.

       

      (i)           If
the Company has raised some but not all Eligible Proceeds necessary to pay all
deferred interest on any Interest Payment Date pursuant to this
Section 2.7, such Eligible Proceeds shall be allocated to pay accrued and
unpaid interest on the applicable Interest Payment Date in chronological order
based on the date each payment was first deferred, subject to the Common Equity
Issuance Cap and the Preferred Stock Issuance Cap, and payment on each
installment of deferred interest shall be distributed to Holders of such
installment on a pro rata basis (based upon the respective principal amounts of
the Debentures held thereby).

       

      (ii)           If
the Company has outstanding Parity Securities under which the Company is
obligated to sell securities that are Qualifying APM Securities and apply the
net proceeds to the payment of deferred interest or distributions, then on any
date and for any period the amount of net proceeds received by the Company from
those sales and available for payment of the deferred interest and distributions
shall be applied to the Debentures and those other Parity Securities on a pro
rata basis up to the Common Equity Issuance Cap and the Preferred Stock Issuance
Cap (or comparable provisions in the instruments governing those other Parity
Securities) in proportion to the total amounts that are due on the Debentures
and such other Parity Securities, or on such other basis as the Federal Reserve
may approve.

       

      (d)           Qualifying APM Securities
Definition Change.  The Company shall send written notice to
the Trustee (which notice the Trustee shall promptly forward upon receipt to the
Administrative Trustees, who shall forward such notice to each holder of record
of Trust Preferred Securities) in advance

       

       

      
        
          
          

        

        
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      of any
change in the definition of Qualifying APM Securities to eliminate Common Stock
or Qualifying Warrants.

       

      (e)           Termination of
Obligation.  The Company’s obligations pursuant to
Section 2.7(a) shall not apply upon maturity of the Debentures or if an
Event of Default with respect to the Debentures has occurred and is
continuing.

       

      Section
2.8                                Redemption
of the Debentures.

       

      (a)           Redemption
Price.  The Debentures shall be redeemable in accordance with
Article XI of the Indenture, provided that (i) the Debentures are
redeemable in whole or in part at the option of the Company at any time after
June 15, 2013 at a Redemption Price equal to 100% of their principal amount
plus accrued and unpaid interest to the Redemption Date; and (ii) the
Debentures are redeemable in whole but not in part at any time within 90 days
following the occurrence of and during the continuation of a Tax Event, an
Investment Company Event or a Capital Treatment Event at a Redemption Price
equal to 100% of their principal amount plus accrued and unpaid interest to the
Redemption Date (the “Redemption
Price”).  The Company may not redeem the Debentures in part if
the principal amount of the Debentures has been accelerated and such
acceleration has not been rescinded unless all accrued and unpaid interest
including deferred interest has been paid in full on all outstanding Debentures
for all Interest Periods terminating on or before the Redemption
Date.

       

      (b)           Sinking
Fund.  The Debentures are not entitled to any sinking fund
payments or similar provisions.

       

      Section
2.9                                Events of
Default.

       

      (a)           So
long as any Debentures are held by or on behalf of the Trust, the Trustee shall
provide to the holders of the Trust Preferred Securities such notices as it
shall from time to time provide under Section 6.2 of the
Indenture.  In addition, the Trustee shall provide to the holders of
the Trust Preferred Securities notice of any Event of Default or event that,
with the giving of notice or lapse of time, or both, would become an Event of
Default with respect to the Debentures within 30 days after the actual knowledge
of a Responsible Officer of the Trustee of such Event of Default or other
event.

       

      (b)           For
the avoidance of doubt, and without prejudice to any other remedies that may be
available to the Trustee, the Holders of the Debentures or the holders of the
Trust Preferred Securities under the Indenture, no breach by the Company of any
covenant or obligation under the Indenture or the terms of the Debentures shall
be an Event of Default with respect to the Debentures other than those specified
as Events of Default in Section 5.1 of the Indenture.

       

      Section
2.10                                Securities
Registrar; Paying Agent; Delegation of Trustee Duties.

       

      (a)           The
Company appoints Wilmington Trust Company, as Securities Registrar and Paying
Agent with respect to the Debentures.

       

      (b)           Notwithstanding
any provision contained herein, to the extent permitted by applicable law, the
Trustee may delegate its duty to provide such notices and to perform such other
duties as may be required to be provided or performed by the Trustee under the
Indenture, and, to the extent such obligation has been so delegated, the Trustee
shall not be responsible for monitoring the compliance of, nor be liable for the
default or misconduct of, any such designee.

       

      Section
2.11                                Obligation to Seek
Shareholder Approval to Increase Authorized Shares

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      (a)           The
Company shall use commercially reasonable efforts to seek shareholder consent to
increase the number of its authorized shares at its next regularly scheduled
shareholders’ meeting if, at any date, the Shares Available for Issuance fall
below two times the number of shares that the Company would need to issue to
raise sufficient proceeds to pay (assuming a price per share equal to the
average trading price of the shares over the 10 Trading Day period preceding
such date) (x) then outstanding deferred interest on the Debentures plus
(y) twelve additional months of deferred interest on the
Debentures.

       

      (b)           The
Company may modify the definition of Shares Available for Issuance and the
related provisions hereof without the consent of holders of the Trust Preferred
Securities or Debentures, provided that (i) the Company has determined, in
its reasonable discretion, that such modification is not materially adverse to
such holders and (ii) the number of Shares Available for Issuance after
giving effect to such modification will not fall below the then applicable
threshold set forth in Section 2.11(a) above.

       

      (c)           In
no event shall the Indenture Trustee be required to monitor the Company's
compliance with this Section 2.11 or make or verify any calculations
contemplated in subsections (a) and (b) hereof.

       

      Section
2.12                                Limitation
on Claims in the Event of Bankruptcy, Insolvency or
Receivership.  Each Holder, by such Holder’s acceptance of the
Debentures, agrees that if a Bankruptcy Event of the Company shall occur prior
to the redemption or repayment of such Debentures, such Holder shall have no
claim for, and thus no right to receive, any deferred interest pursuant to
Section 2.5 that has not been paid pursuant to Sections 2.5 and 2.7 to
the extent the amount of such interest exceeds the first two years of
accumulated and unpaid interest (including compounded interest thereon) on such
Holder’s Debentures.

       

      Section
2.13                                Amendment.  For
the purposes of the Debentures (but not for the purposes of any other Securities
unless specifically set forth in the terms of such Securities), Section 9.1
of the Indenture is hereby amended to add the following
Section (10):

       

      (10)           to
add to or change any terms of the Indenture or the Debentures to conform the
terms of this Indenture or the Debentures to the description of the Debentures
in the Prospectus (as defined in the Declaration of Trust).

       

      ARTICLE III

       

      REPAYMENT
OF DEBENTURES

       

      Section
3.1                                Deposit
of Repayment Amount.  Prior to 10:00 a.m. New York City
time on the Maturity Date, the Company will deposit with the Trustee or with one
or more Paying Agents (or if the Company is acting as its own Paying Agent, the
Company will segregate and hold in trust as provided in Section 10.3 of the
Indenture) an amount of money sufficient to pay the principal amount of, and any
accrued interest on, all the Debentures. 

       

      Section
3.2                                Repayment
of Debentures.  On presentation and surrender of such
Debentures at a Place of Payment specified in the Debentures, the said
securities shall be paid by the Company at their principal amount, together with
accrued interest to the Maturity Date. 

       

       

      
        
          
          

        

        
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      ARTICLE IV

       

      EXPENSES

       

      Section
4.1                                Expenses.  In
connection with the offering, sale and issuance of the Debentures to the
Property Trustee on behalf of the Trust and in connection with the sale of the
Trust Securities by the Trust, the Company, in its capacity as borrower with
respect to the Debentures, shall: 

       

      (a)           pay
all costs and expenses relating to the offering, sale and issuance of the
Debentures, including commissions to the underwriters payable pursuant to the
Underwriting Agreement and compensation and indemnification of the Trustee under
this First Supplemental Indenture in accordance with the provisions of this
First Supplemental Indenture; and

       

      (b)           be
responsible for and shall pay all debts and obligations (except for any amounts
owed to holders of the Debentures in their respective capacities as holders) and
all costs and expenses of the Trust (including, but not limited to, costs and
expenses relating to the organization, maintenance and dissolution of the
Trust), the offering, sale and issuance of the Trust Securities (including
commissions to the underwriters in connection therewith), the indemnities, fees
and expenses (including reasonable counsel fees and expenses) of the Property
Trustee, the Delaware Trustee, the Administrative Trustees, the Securities
Registrar and the Paying Agent, the costs and expenses relating to the operation
of the Trust, including, costs and expenses of accountants, attorneys,
statistical or bookkeeping services, expenses for printing and engraving and
computing or accounting equipment, paying agent(s), registrar(s), transfer
agent(s), duplicating, and travel and telephone and other telecommunications
expenses and costs and expenses incurred in connection with the acquisition,
financing, and disposition of Trust assets and the enforcement by the Property
Trustee of the rights of the Holders of the Debentures.

       

      The
Company’s obligations under this Section 4.1 shall be for the benefit of,
and shall be enforceable by, any Person to whom such debts, obligations and
costs are owed (a “Creditor”) whether or not such
Creditor has received notice hereof.  Any such Creditor may enforce
the Company’s obligations under this Section 4.1 directly against the
Company and the Company irrevocably waives any right or remedy to require that
any such Creditor take any action against the Trust or any other Person before
proceeding against the Company.  The Company agrees to execute such
additional agreements as may be necessary or desirable in order to give full
effect to the provisions of this Section 4.1.

       

      ARTICLE V

       

      FORM
OF DEBENTURE 

       

      Section
5.1                                Form of
Debentures.  The Debentures are to be substantially in the
following form and shall bear any legend required by Section 2.4 of the
Indenture: 

       

      THIS NOTE
IS NOT A DEPOSIT OR OTHER OBLIGATION OF A DEPOSITORY INSTITUTION AND IS NOT
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL
AGENCY.

       

       

      
        
          
          

        

        
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                No. _________

              	
                Principal
      Amount: $________

              
	
                Issue
      Date:  __________, 2008

              	 
      

      

      

      PRIVATEBANCORP,
INC.

       

      10.00%
JUNIOR SUBORDINATED DEBENTURES

       

      PRIVATEBANCORP, INC., a
Delaware corporation (hereinafter called the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to, or registered assigns, the principal
sum of ____________ ($________) and all accrued and unpaid interest thereof on
June 15, 2068, or if such day is not a Business Day, the following Business
Day (the “Maturity
Date”).

       

      The
Company further promises to pay interest on said principal sum from and
including May 22, 2008, or from and including the most recent interest
payment date on which interest has been paid or duly provided for, quarterly in
arrears on each March 15, June 15, September 15 and
December 15, beginning on September 15, 2008 (each such date a “Quarterly Interest Payment
Date” and, collectively “Interest Payment Dates”), at
the annual rate of 10.00% (computed on the basis of a 360-day year comprised of
twelve 30-day months), plus Additional Interest, if any, until the principal
hereof is paid or duly provided for or made available for
payment.  Accrued interest that is not paid on the applicable Interest
Payment Date, including interest deferred pursuant to Section 2.5 of the
First Supplemental Indenture, will bear Additional Interest, to the extent
permitted by law, at the then applicable rate described in the first sentence of
this paragraph, from the relevant Interest Payment Date, compounded on each
subsequent Interest Payment Date.  If any Interest Payment Date occurs
on a date that is not a Business Day, the payment of interest for such Interest
Payment Date shall be made on the next succeeding Business Day with the same
force and effect as if such payment were made on the relevant Interest Payment
Date.  A “Business Day” shall mean any day other than a Saturday,
Sunday, or any other day on which banking institutions and trust companies in
New York, New York, Wilmington, Delaware or Chicago, Illinois, are permitted or
required by any applicable law to close.  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
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest installment, which shall
be the date that is the last day of the month immediately preceding the month in
which such Interest Payment Date falls (whether or not a Business
Day).  Any such interest installment not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

       

      The
Company shall have the right at any time or from time to time during the term of
this Security to defer payment of interest on this Security for one or more
consecutive interest payment periods (each a “Deferral Period”) up to 10
years, during which Deferral Periods the Company shall have the right to make
partial payments of interest on any Interest Payment Date, and at the end of
which the Company shall pay all interest then accrued and unpaid (together with
Additional Interest thereon to the extent permitted by applicable law);
provided, however, that no Deferral Period shall extend beyond the Maturity Date
or the earlier redemption in full of the Securities.  Upon the
termination of any Deferral Period and upon the payment of all deferred interest
then due, the Company may elect to begin a new Deferral Period, subject to the
above requirements.  Deferred interest on the Security will bear
interest at the then applicable interest rate, compounded on each Interest
Payment Date, subject to applicable law.

       

       

      
        
          
          

        

        
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      No
interest shall be due and payable during a Deferral Period except at the end
thereof.  Additional limitations may apply, pursuant to
Section 2.6 of the First Supplemental Indenture, if any Deferral Period
lasts longer than one year.

       

      So long
as any Securities remain outstanding, if the Company has given notice of its
election to defer interest payments on the Securities but the related Deferral
Period has not yet commenced or a Deferral Period is continuing, the Company
shall not, and shall not permit any Subsidiary of the Company to,
(i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire or make a liquidation payment with respect to any shares of the
Company’s capital stock, (ii) make any payment of principal of, or interest
or premium, if any, on, or repay, purchase or redeem any debt securities or
guarantees of the Company that rank upon the Company’s liquidation on a parity
with this Security (including this Security, the “Parity Securities”), or junior
in interest to this Security (except for partial payments of interest with
respect to the Security) or (iii) make any payments under any guarantee by
the Company that ranks pari passu with or junior to the Guarantee Agreement
(other than any purchase, redemption or other acquisition of shares of the
Company’s capital stock in connection with (1) any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or
more of its employees, officers, directors, consultants or independent
contractors, (2) the satisfaction of the Company’s obligations pursuant to
any contract entered into in the ordinary course prior to the beginning of the
Deferral Period (including pursuant to a contractually binding stock repurchase
plan), (3) a dividend reinvestment or stockholder purchase plan,
(4) the issuance of the Company’s capital stock, or securities convertible
into or exercisable for such capital stock, as consideration in an acquisition
transaction entered into prior to the applicable Deferral Period, (5) any
exchange, redemption or conversion of any class or series of the Company’s
capital stock, or the capital stock of one of its subsidiaries, for any other
class or series of the Company’s capital stock, or any class or series of the
Company’s indebtedness for any class or series of its capital stock,
(6) any 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 securities being converted or exchanged, (7) any declaration of a
dividend in connection with any rights plan, or the issuance of rights, stock or
other property under any rights plan, or the redemption or purchase of rights
pursuant thereto, (8) payments under any PrivateBancorp Guarantee executed
for the benefit of the holders of the Trust Preferred Securities, (9) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or 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 equally with or junior to such stock, (10) any payment of current or
deferred interest on Parity Securities that is made pro rata to the amounts due
on such Parity Securities and any payments of deferred interest on Parity
Securities that, if not made, would cause the Company to breach the terms of the
instrument governing such Parity Securities, provided that such payments are
made in accordance with the limitations described in Section 2.7(c) of the
First Supplemental Indenture to the extent they apply, or (11) any payments
of principal or deferred interest in respect of Parity Securities necessary to
avoid a breach of the instrument governing such Parity
Securities).  In addition, if any Deferral Period lasts longer than
one year, the Company will not repurchase or acquire any securities ranking
junior to or pari passu with any Qualifying APM Securities the proceeds of which
were used to settle deferred interest during the relevant Deferral Period until
the first anniversary of the date on which all deferred interest on this
Security has been paid, subject to the exceptions listed above.

       

      The
Company shall give written notice of its election to begin or extend any
Deferral Period, (x) if the Property Trustee, on behalf of the Trust, is
the sole holder of the Securities, to the Property Trustee and the Delaware
Trustee at least five Business Days before the earlier of (A) the next
succeeding date on which the distributions on the Trust Preferred Securities are
payable and (B) the date the Property Trustee is required to give notice to
holders of the Trust Preferred Securities of the record or payment date for the
related distribution, or (y) if the Property Trustee, on behalf of the
Trust, is not the sole Holder of the Securities, to Holders of the Securities
and the Trustee at least five Business Days before the next

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      Interest
Payment Date.  Notice of the Company’s election of a Deferral Period
shall be given by the Property Trustee by first-class mail, postage prepaid,
mailed not less than three Business Days after the Property Trustee receives
written notice from the Company to each holder of Trust Securities at such
holder’s address appearing in the Security Register.

       

      Payment
of the principal of (and premium, if any) and interest on this Security will be
made at the office or agency of the Company maintained for that purpose in the
United States, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be
made (i) by check mailed to the address of the Person entitled thereto as
such address shall appear in the Securities Register or (ii) by wire
transfer in immediately available funds at the bank account number as may be
designated by the Person entitled thereto as specified in the Securities
Register in writing not less than ten days before the relevant Interest Payment
Date.

       

      The
indebtedness evidenced by this 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 Debt, and this Security is issued subject to the provisions
of the Indenture with respect thereto.  Each Holder of this Security,
by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his behalf to take such actions
as may be necessary or appropriate to effectuate the subordination so provided
and (c) appoints the Trustee his attorney-in-fact for any and all such
purposes.  Each Holder hereof, by his acceptance hereof, 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 holder upon said
provisions.

       

      Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.

       

      
        
          	 	
                  PRIVATEBANCORP,
      INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	
                  President
      or Vice President 

                	 
	 	 	 	 
	 	 	 	 

        

      

       

      
        	
                ATTEST:

                 

                 

                __________________________________

                Secretary
      or Assistant Secretary

              	 
      

      

      

      CERTIFICATE
OF AUTHENTICATION

       

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

       

      
        
          	 	WILMINGTON TRUST
      COMPANY, not in its individual capacity but solely as
    Trustee	 
	 	 	 	 
	
                  
                    Dated:  ________________

                  

                	
                  By:
      

                	 	 
	 	 	
                  Authorized
      Officer

                	 
	 	 	 	 
	 	 	 	 

        

      

       

      

      (FORM
OF REVERSE OF DEBENTURE)

       

      This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued and to be
issued in one or more series under the Junior Subordinated Indenture, dated as
of May 22, 2008 (herein called the “Base Indenture”), between the
Company and Wilmington, as trustee (the “Trustee”), as amended and
supplemented by the First Supplemental Indenture, dated as of May 22, 2008,
between the Company and the Trustee (the “First Supplemental Indenture”,
and together with the Base Indenture, the “Indenture” ), to which
Indenture and all other indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Trustee, the Company and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered.  By the terms of the Indenture, the
Securities are issuable in series that may vary as to amount, date of maturity,
rate of interest, rank and in any other respect provided in the
Indenture.

       

      All terms
used in this Security that are defined in the Indenture or in the Amended and
Restated Declaration of Trust, dated as of May 22, 2008, as amended (the
“Declaration of Trust”),
for PrivateBancorp Capital Trust IV among PrivateBancorp, Inc., as Sponsor,
Wilmington Trust Company, as the Property Trustee, Wilmington Trust Company, as
the Delaware Trustee, and the Administrative Trustees, shall have the meanings
assigned to them in the Indenture or the Declaration of Trust, as the case may
be.

       

      This
Security shall be redeemable at the option of the Company in accordance with the
terms of the Indenture.  In particular, (i) this Security is
redeemable at the option of the Company at any time after

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      June 15,
2013 hereof at a Redemption Price equal to 100% of its principal amount plus
accrued and unpaid interest to the Redemption Date; and (ii) this Security
is redeemable at any time within 90 days following the occurrence of and during
the continuation of a Tax Event, Investment Company Event or a Capital Treatment
Event at a Redemption Price equal to 100% of its principal amount plus accrued
and unpaid interest to the Redemption Date.

       

      No
sinking fund is provided for the Securities.

       

      The
Indenture permits, with certain exceptions as therein provided, the Company and
the Trustee at any time to enter into a supplemental indenture or indentures for
the purpose of modifying in any manner the rights and obligations of the Company
and of the Holders of the Securities, with the consent of the Holders of not
less than a majority in principal amount of the Outstanding Securities to be
affected by such supplemental indenture.  The Indenture also contains
provisions permitting Holders of specified percentages in principal amount of
the Securities at the time Outstanding, on behalf of the Holders of all
Securities, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange therefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

       

      As
provided in and subject to the provisions of the Indenture, if an Event of
Default with respect to the Securities at the time Outstanding occurs and is
continuing, then and in every such case the Trustee or the Holders of not less
than 25% in principal amount of the Outstanding Securities may declare the
entire principal amount and all accrued but unpaid interest of all the
Securities to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), provided that, in the case of
the Securities issued to and held by PrivateBancorp Capital Trust IV, or any
trustee thereof or agent therefor, if upon an Event of Default, the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities fails to declare the entire principal and all accrued but unpaid
interest of all the Securities to be immediately due and payable, the holders of
at least 25% in aggregate Liquidation Amount of the Trust Preferred Securities
then outstanding shall have such right by a notice in writing to the Company and
the Trustee; and upon any such declaration the principal amount of and the
accrued but unpaid interest (including any Additional Interest) on all the
Securities shall become immediately due and payable, provided that the payment
of principal and interest (including any Additional Interest) on such Securities
shall remain subordinated to the extent provided in Article XIII of the
Indenture.

       

      No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of (and premium, if any) and interest on
this Security at the times, place and rate, and in the coin or currency, herein
prescribed.

       

      As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Securities Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Company maintained under Section 10.2 of the Indenture duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Securities Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new
Securities, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or
transferees.  No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee shall treat the Person in
whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary.

       

      The
Securities are issuable only in registered form without coupons in minimum
denominations of $25 and any integral multiples of $25 in excess
thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities are exchangeable for a like aggregate
principal amount of Securities of a different authorized denomination, as
requested by the Holder surrendering the same.

       

      The
Company and, by its acceptance of this Security or a beneficial interest
therein, the Holder of, and any Person that acquires a beneficial interest in,
this Security agree to treat for United States Federal income tax purposes
(i) the Securities as indebtedness of the Company, and (ii) the stated
interest on the Securities as ordinary interest income that is includible in the
Holder’s or beneficial owner’s gross income at the time the interest is paid or
accrued in accordance with the Holder’s or beneficial owner’s regular method of
tax accounting, and otherwise to treat the Securities as described in the
Prospectus.

       

      The
Indenture and this Security shall be governed by and construed in accordance
with the laws of the State of Illinois.

       

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

       

      ASSIGNMENT

       

      FOR VALUE
RECEIVED, the undersigned assigns and transfers this Security to:

       

      
        	 
      
	 
      
	 
      
	
                (Insert
      assignee’s social security or tax identification
  number)

              

      

      

      
        	 
      
	 
      
	 
      
	
                (Insert
      address and zip code of assignee)

              

      

      

      agent to
transfer this Security on the books of the Securities Registrar.  The
agent may substitute another to act for him or her.

       

      
        	
                Dated:  ___________

              	
                     
      _______________________________

                Signature

              
	 
      	
                 

                     
      _______________________________

                Signature
      Guarantee

              

      

      

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

       

      Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Securities Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Securities Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      ARTICLE VI

       

      ORIGINAL
ISSUE OF DEBENTURES 

       

      Section
6.1                                Original
Issue of Debentures.  Debentures in the aggregate principal
amount of $75,000,000 may, upon execution of this First Supplemental Indenture,
be executed by the Company and delivered to the Trustee or an Authenticating
Agent for authentication, and the Trustee or an Authenticating Agent shall
thereupon authenticate and deliver said Debentures in accordance with a Company
Order.

       

      Section
6.2                                Calculation
of Original Issue Discount.  If during any calendar year any
original issue discount shall have accrued on the Debentures, the Company shall
file with each Paying Agent (including the Trustee if it is a Paying Agent)
promptly at the end of each calendar year (i) a written notice specifying
the amount of original issue discount (including daily rates and accrual
periods) accrued on Outstanding Securities as of the end of such year and
(ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as
amended from time to time.

       

      ARTICLE VII

       

      SUBORDINATION

       

      Section
7.1                                Senior
Debt.  The subordination provisions of Article XIII of the
Indenture shall apply, except that for the purposes of the Debentures (but not
for the purposes of any other Securities unless specifically set forth in the
terms of such Securities): 

       

      (a)           The
definition of “Senior Debt” in the Indenture is hereby amended to delete clauses
(ii), (iii) and (v), renumber clause (iv) as clause (ii), and add the
following:

       

      “(iii)
(x) indebtedness that (a) qualifies or is issued to financing vehicles
issuing securities that qualify as tier 1 capital of the Company under the
capital guidelines of the Federal Reserve or does not at the time of issuance
prevent the Company’s 10.00% Junior Subordinated Debentures (the “Debentures”) from qualifying
as tier 1 capital of the Company under the capital guidelines of the Federal
Reserve and (b) by its terms is not superior in right of payment to the
Debentures or to other debt that is pari passu with or junior to the Debentures;
and (y) guarantees of indebtedness described in clause (x) or
securities issued by one or more financing vehicles described in clause
(x).”

       

      (b)           Notwithstanding
the foregoing or any other provision of the Indenture or of this First
Supplemental Indenture, provided that the Company is not subject to a
bankruptcy, insolvency, liquidation or similar proceeding, the priority of the
Debentures in right of payment as to Parity Securities is subject to the
provisions of Section 2.6 hereof and the Company shall be permitted to pay
interest or principal on Parity Securities in accordance with Section 2.6
hereof.

       

      Section
7.2                                Compliance
with Federal Reserve Rules.  The Company shall not incur any
additional indebtedness for borrowed money that ranks pari passu with or junior
to the Debentures (if then subject to Article XIII of the Indenture),
except in compliance with applicable regulations and guidelines of the Federal
Reserve. 

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      ARTICLE VIII

       

      MISCELLANEOUS

       

      Section
8.1                                Effectiveness.  This
First Supplemental Indenture will become effective upon its execution and
delivery. 

       

      Section
8.2                                Successors
and Assigns.  All covenants and agreements in the Indenture, as
supplemented and amended by this First Supplemental Indenture, by the Company
shall bind its successors and assigns, whether so expressed or not.

       

      Section
8.3                                Further
Assurances.  The Company will, at its own cost and expense,
execute and deliver any documents or agreements, and take any other actions that
the Trustee or its counsel may from time to time request in order to assure the
Trustee of the benefits of the rights granted to the Trustee under the
Indenture, as supplemented and amended by this First Supplemental Indenture.

       

      Section
8.4                                Effect of
Recitals.  The recitals contained herein and in the Debentures,
except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent
assumes any responsibility for their correctness.  The Trustee makes
no representations as to the validity or sufficiency of this First Supplemental
Indenture or of the Debentures.  Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of the Debentures or the proceeds thereof. 

       

      Section
8.5                                Ratification
of Indenture.  The Indenture as supplemented by this First
Supplemental Indenture, is in all respects ratified and confirmed, and this
First Supplemental Indenture shall be deemed part of the Indenture in the manner
and to the extent herein and therein provided. 

       

      Section
8.6                                Governing
Law.  This First Supplemental Indenture and the Debentures
shall be governed by and construed in accordance with the laws of the State of
Illinois. 

       

      *    *    *    *

       

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

       

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      IN WITNESS WHEREOF, the
parties hereto have caused this First Supplemental Indenture to be duly executed
as of the day and year first above written.

       

      
        
          	 	PRIVATEBANCORP,
      INC.	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Larry
      D. Richman	 
	 	 Name: 
      	Larry
      D. Richman 	 
	 	 Title: 
      	President
      and Chief Executive Officer	 
	 	 	 	 

        

      

       

       

      
        
          	
                   ATTEST:

                   

                   

                	 	 	 	 
	
                  By: 
      /s/Christopher J. Zinski

                	 	 	
                   

                	 
	
                   

                	 	 	
                   

                	 

        

      

       

      
        
          	 	WILMINGTON TRUST
      COMPANY, as Trustee	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Michael
      H. Wass	 
	 	 Name:	 Michael
      H. Wass	 
	 	 Title:	 Financial
      Services Officer	 
	 	 	 	 

        

      

       

       

      
         

        
          
            	
                     ATTEST:

                     

                     

                  	 	 	 	 
	
                    By: 
      /s/

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