Document:

Amended and Restated Declaration of Trust dated March 31, 2003

Exhibit 10 (g) 
 
AMENDED AND RESTATED TRUST AGREEMENT 
 
among 
 
HUDSON UNITED BANCORP, 
as Depositor 
 
THE BANK OF NEW YORK, 
as Property Trustee 
 
THE BANK OF
NEW YORK (DELAWARE), 
as Delaware Trustee 
 
and 
 
THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 
as Administrative Trustees 
 

 
Dated as of March 31, 2003 
 

 
Hudson United Capital Trust I 
 

TABLE OF CONTENTS 
 

	 	  	 	  	 Page

	 ARTICLE I.        DEFINED
TERMS
	  	 1

	         SECTION 1.1.
	  	 Definitions
	  	 1

	
	 ARTICLE II.        THE
TRUST
	  	 10

	         SECTION 2.1.
	  	 Name
	  	 10

	         SECTION 2.2.
	  	 Office of the Delaware Trustee; Principal Place of Business
	  	 10

	         SECTION 2.3.
	  	 Initial Contribution of Trust Property; Fees, Costs and Expenses
	  	 11

	         SECTION 2.4.
	  	 Purposes of Trust
	  	 11

	         SECTION 2.5.
	  	 Authorization to Enter into Certain Transactions
	  	 11

	         SECTION 2.6.
	  	 Assets of Trust
	  	 14

	         SECTION 2.7.
	  	 Title to Trust Property
	  	 14

	
	 ARTICLE III.        PAYMENT ACCOUNT;
PAYING AGENTS
	  	 14

	         SECTION 3.1.
	  	 Payment Account
	  	 14

	         SECTION 3.2.
	  	 Appointment of Paying Agents
	  	 15

	
	 ARTICLE IV.        DISTRIBUTIONS;
REDEMPTION
	  	 15

	         SECTION 4.1.
	  	 Distributions
	  	 15

	         SECTION 4.2.
	  	 Redemption
	  	 17

	         SECTION 4.3.
	  	 Subordination of Common Securities
	  	 19

	         SECTION 4.4.
	  	 Payment Procedures
	  	 20

	         SECTION 4.5.
	  	 Withholding Tax
	  	 20

	         SECTION 4.6.
	  	 Tax Returns and Other Reports
	  	 21

	         SECTION 4.7.
	  	 Payment of Taxes, Duties, Etc. of the Trust
	  	 21

	         SECTION 4.8.
	  	 Payments under Indenture or Pursuant to Direct Actions
	  	 21

	         SECTION 4.9.
	  	 Exchanges
	  	 21

	         SECTION 4.10.
	  	 Calculation Agent
	  	 22

	         SECTION 4.11.
	  	 Certain Accounting Matters
	  	 23

	
	 ARTICLE
V.        SECURITIES
	  	 23

	         SECTION 5.1.
	  	 Initial Ownership
	  	 23

	         SECTION 5.2.
	  	 Authorized Trust Securities
	  	 23

	         SECTION 5.3.
	  	 Issuance of the Common Securities; Subscription and Purchase of Notes
	  	 23

	         SECTION 5.4.
	  	 The Securities Certificates
	  	 24

	         SECTION 5.5.
	  	 Rights of Holders
	  	 25

	         SECTION 5.6.
	  	 Book-Entry Preferred Securities
	  	 25

	         SECTION 5.7.
	  	 Registration of Transfer and Exchange of Preferred Securities
Certificates
	  	 26

	         SECTION 5.8.
	  	 Mutilated, Destroyed, Lost or Stolen Securities Certificates
	  	 28

	         SECTION 5.9.
	  	 Persons Deemed Holders
	  	 28

	         SECTION 5.10.
	  	 Cancellation
	  	 28

 

i 

TABLE OF CONTENTS 
(continued) 
 

	 	  	 	  	 Page

	         SECTION 5.11.
	  	 Ownership of Common Securities by Depositor
	  	 29

	         SECTION 5.12.
	  	 Restricted Legends
	  	 29

	         SECTION 5.13.
	  	 Form of Certificate of Authentication
	  	 32

	
	 ARTICLE VI.        MEETINGS; VOTING;
ACTS OF HOLDERS
	  	 32

	         SECTION 6.1.
	  	 Notice of Meetings
	  	 32

	         SECTION 6.2.
	  	 Meetings of Holders of the Preferred Securities
	  	 33

	         SECTION 6.3.
	  	 Voting Rights
	  	 33

	         SECTION 6.4.
	  	 Proxies, Etc
	  	 33

	         SECTION 6.5.
	  	 Holder Action by Written Consent
	  	 33

	         SECTION 6.6.
	  	 Record Date for Voting and Other Purposes
	  	 34

	         SECTION 6.7.
	  	 Acts of Holders
	  	 34

	         SECTION 6.8.
	  	 Inspection of Records
	  	 35

	         SECTION 6.9.
	  	 Limitations on Voting Rights
	  	 35

	         SECTION 6.10.
	  	 Acceleration of Maturity; Rescission of Annulment; Waivers of Past
Defaults
	  	 36

	
	 ARTICLE VII.        REPRESENTATIONS
AND WARRANTIES
	  	 38

	         SECTION 7.1.
	  	 Representations and Warranties of the Property Trustee and the Delaware
Trustee
	  	 38

	         SECTION 7.2.
	  	 Representations and Warranties of Depositor
	  	 39

	
	 ARTICLE VIII.        THE
TRUSTEES
	  	 40

	         SECTION 8.1.
	  	 Number of Trustees
	  	 40

	         SECTION 8.2.
	  	 Property Trustee Required
	  	 40

	         SECTION 8.3.
	  	 Delaware Trustee Required
	  	 41

	         SECTION 8.4.
	  	 Appointment of Administrative Trustees
	  	 41

	         SECTION 8.5.
	  	 Duties and Responsibilities of the Trustees
	  	 42

	         SECTION 8.6.
	  	 Notices of Defaults and Extensions
	  	 43

	         SECTION 8.7.
	  	 Certain Rights of Property Trustee
	  	 44

	         SECTION 8.8.
	  	 Delegation of Power
	  	 46

	         SECTION 8.9.
	  	 May Hold Securities
	  	 46

	         SECTION 8.10.
	  	 Compensation; Reimbursement; Indemnity
	  	 46

	         SECTION 8.11.
	  	 Resignation and Removal; Appointment of Successor
	  	 47

	         SECTION 8.12.
	  	 Acceptance of Appointment by Successor
	  	 49

	         SECTION 8.13.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	 49

	         SECTION 8.14.
	  	 Not Responsible for Recitals or Issuance of Securities
	  	 49

	         SECTION 8.15.
	  	 Property Trustee May File Proofs of Claim
	  	 49

	         SECTION 8.16.
	  	 Reports to and from the Property Trustee
	  	 50

	
	 ARTICLE IX.        TERMINATION,
LIQUIDATION AND MERGER
	  	 51

	         SECTION 9.1.
	  	 Dissolution Upon Expiration Date
	  	 51

	         SECTION 9.2.
	  	 Early Termination
	  	 51

	         SECTION 9.3.
	  	 Termination
	  	 51

 

ii 

TABLE OF CONTENTS 
(continued) 

	 	  	 	  	 Page

	         SECTION 9.4.
	  	 Liquidation
	  	 51

	         SECTION 9.5.
	  	 Mergers, Consolidations, Amalgamations or Replacements of Trust
	  	 53

	
	 ARTICLE X.
	  	 MISCELLANEOUS PROVISIONS
	  	 54

	         SECTION 10.1.
	  	 Limitation of Rights of Holders
	  	 54

	         SECTION 10.2.
	  	 Agreed Tax Treatment of Trust and Trust Securities
	  	 54

	         SECTION 10.3.
	  	 Amendment
	  	 55

	         SECTION 10.4.
	  	 Separability
	  	 56

	         SECTION 10.5.
	  	 Governing Law
	  	 56

	         SECTION 10.6.
	  	 Successors
	  	 56

	         SECTION 10.7.
	  	 Headings
	  	 57

	         SECTION 10.8.
	  	 Reports, Notices and Demands
	  	 57

	         SECTION 10.9.
	  	 Agreement Not to Petition
	  	 57

	 Exhibit A
	  	 Certificate of Trust of Hudson United Capital Trust I

	 Exhibit B
	  	 Form of Common Securities Certificate

	 Exhibit C
	  	 Form of Preferred Securities Certificate

	 Exhibit D
	  	 Junior Subordinated Indenture

	 Exhibit E
	  	 Form of Transferee Certificate to be Executed by Transferees other than
QIBs

	 Exhibit F
	  	 Form of Transferee Certificate to be Executed by QIBs

	 Exhibit G
	  	 Form of Officer’s Certificate

	 Schedule A
	  	 Calculation of LIBOR

 

iii 

AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 31, 2003, among (i) Hudson United
Bancorp, a New Jersey corporation (including any successors or permitted assigns, the “Depositor”), (ii) The Bank of New York, a New York banking corporation, as property trustee (in such capacity, the “Property Trustee”), (iii)
The Bank of New York (Delaware), a Delaware banking corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) William A. Houlihan, an individual, D. Lynn Van Borkulo-Nuzzo, an individual and Richard Alban, an
individual, each of whose address is c/o Hudson United Bancorp, 1000 MacArthur Boulevard, Mahwah, NJ 07430, as administrative trustees (in such capacities, each an “Administrative Trustee” and, collectively, the “Administrative
Trustees” and, together with the Property Trustee and the Delaware Trustee, the “Trustees”) and (v) the several Holders, as hereinafter defined. 
 
Witnesseth 
 
Whereas, the Depositor, the Property Trustee and the Delaware Trustee have heretofore created a Delaware statutory trust pursuant to the
Delaware Statutory Trust Act by entering into a Trust Agreement, dated as of March 27, 2003 (the “Original Trust Agreement”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust,
substantially in the form attached as Exhibit A; and 
 
Whereas, the Depositor and the Trustees desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Trust to the
Depositor, (ii) the issuance and sale of the Preferred Securities by the Trust pursuant to the Purchase Agreement and (iii) the acquisition by the Trust from the Depositor of all of the right, title and interest in and to the Notes; 
 
Now, Therefore, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates
the Original Trust Agreement in its entirety and agrees as follows: 
 
ARTICLE I. 
 
Defined
Terms 
 
SECTION 1.1. Definitions. 
 
For all purposes of this Trust Agreement, except as otherwise
expressly provided or unless the context otherwise requires: 
 
(a) the terms defined in this Article I have the meanings assigned to them in this Article I; 

 
(b) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 
 
(c) all accounting terms used but not defined herein have the meanings assigned to them in
accordance with United States generally accepted accounting principles; 
 
(d) unless the context otherwise requires, any reference to an “Article”, a “Section”, a “Schedule” or an “Exhibit” refers to an Article, a Section, a Schedule
or an Exhibit, as the case may be, of or to this Trust Agreement; 
 
(e) the words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar import refer to this Trust Agreement as a whole and not to any particular
Article, Section or other subdivision; 
 
(f) a reference to the singular includes the plural and vice versa; and 
 
(g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and neuter genders.

 
“Act” has the meaning specified in
Section 6.7. 
 
“Additional
Interest” has the meaning specified in Section 1.1 of the Indenture. 
 
“Additional Interest Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest paid by the Depositor on a Like
Amount of Notes for such period. 
 
“Additional Taxes” has the meaning specified in Section 1.1 of the Indenture. 
 
“Additional Tax Sums” has the meaning specified in Section 10.5 of the Indenture. 
 
“Administrative Trustee” means each of the Persons
identified as an “Administrative Trustee” in the preamble to this Trust Agreement, solely in each such Person’s capacity as Administrative Trustee of the Trust and not in such Person’s individual capacity, or any successor
Administrative Trustee appointed as herein provided. 
 
“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. 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. 
 
“Applicable Depositary Procedures” means, with respect to any transfer or transaction involving a Book-Entry Preferred Security,
the rules and procedures of the Depositary for such Book-Entry Preferred Security, in each case to the extent applicable to such transaction and as in effect from time to time. 
 

2 

 
“Bankruptcy Event” means, with respect to any Person: 
 
(a) the entry of a decree or order by a court having jurisdiction in the premises (i) judging such Person a bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law, (iii) appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of such Person or of any substantial part of its property or (iv) 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
sixty (60) consecutive days; or 
 
(b) the institution by such Person 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 custodian, receiver,
liquidator, assignee, trustee, sequestrator or similar official of such Person 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 insolvent, or the taking of corporate action by such Person in furtherance of any such action. 
 
“Bankruptcy Laws” means all Federal and state bankruptcy, insolvency, reorganization and other
similar laws, including the United States Bankruptcy Code. 
 
“Book-Entry Preferred Security” means a Preferred Security, the ownership and transfers of which shall be made through book entries by a Depositary. 
 
“Business Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking
institutions in the City of New York are authorized or required by law or executive order to remain closed or (c) a day on which the Corporate Trust Office is closed for business. 
 
“Calculation Agent” has the meaning specified in Section 4.10. 
 
“Capital Disqualification Event” has the meaning
specified in Section 1.1 of the Indenture. 
 
“Closing Date” has the meaning specified in the Purchase Agreement. 
 
“Code” means the United States Internal Revenue Code of 1986, as amended. 
 
“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 Trust Agreement such Commission is not existing and performing the duties assigned to it, then the body performing such duties at such time. 
 

3 

 
“Common
Securities Certificate” means a certificate evidencing ownership of Common Securities, substantially in the form attached as Exhibit B. 
 
“Common Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and
having the rights provided therefor in this Trust Agreement. 
 
“Corporate Trust Office” means the principal office of the Property Trustee at which any particular time its corporate trust business shall be administered, which office at the date of this Trust Agreement is located at 101
Barclay Street, New York, New York 10286, Attention: Corporate Trust Administration. 
 
“Definitive Preferred Securities Certificates” means Preferred Securities issued in certificated, fully registered form that are not Global Preferred Securities. 
 
“Delaware Statutory Trust Act” means Chapter 38 of
Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., or any successor statute thereto, in each case as amended from time to time. 
 
“Delaware Trustee” means the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement,
solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein provided. 
 
“Depositary” means an organization registered as a
clearing agency under the Exchange Act that is designated as Depositary by the Depositor or any successor thereto. DTC will be the initial Depositary. 
 
“Depositary Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
the Depositary effects book-entry transfers and pledges of securities deposited with the Depositary. 
 
“Depositor” has the meaning specified in the preamble to this Trust Agreement and any successors and permitted assigns.

 
“Depositor Affiliate” has the meaning
specified in Section 4.9. 
 
“Distribution Date” has the meaning specified in Section 4.1(a)(i). 
 
“Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.1. 
 
“DTC” means The Depository Trust Company or any
successor thereto. 
 
“Early Termination
Event” has the meaning specified in Section 9.2. 
 
“Event of Default” means any one of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or 

 

4 

pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 
(a) the occurrence of a Note
Event of Default; or 
 
(b)
default by the Trust in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of thirty (30) days; or 
 
(c) default by the Trust in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or

 
(d) default in the performance,
or breach, in any material respect of any covenant or warranty of the Trustees in this Trust Agreement (other than those specified in clause (b) or (c) above) and continuation of such default or breach for a period of thirty (30) days after there
has been given, by registered or certified mail, to the Trustees and to the Depositor by the Holders of at least twenty five percent (25%) in aggregate Liquidation Amount of the Outstanding Preferred Securities a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 
(e) the occurrence of a Bankruptcy Event with respect to the Property Trustee if a successor Property Trustee has not been
appointed within ninety (90) days thereof. 
 
“Exchange Act” means the Securities Exchange Act of 1934, and any successor statute thereto, in each case as amended from time to time. 
 
“Expiration Date” has the meaning specified in Section 9.1. 
 
“Extension Period” has the meaning specified in
Section 4.1(a)(ii). 
 
“Federal Reserve
Board” 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 Trust Agreement such Board is not existing and performing the duties now assigned to it, then the
body performing such duties at such time. 
 
“Fiscal Year” shall be the fiscal year of the Trust, which shall be the calendar year, or such other period as is required by the Code. 
 
“Global Preferred Security” means a Preferred Securities Certificate evidencing ownership of
Book-Entry Preferred Securities. 
 
“Guarantee
Agreement” means the Guarantee Agreement executed and delivered by the Depositor and The Bank of New York, as guarantee trustee, contemporaneously with the execution and delivery of this Trust Agreement for the benefit of the holders of the
Preferred Securities, as amended from time to time. 
 

5 

 
“Holder” means a Person in whose name a Trust Security or Trust Securities are registered in the Securities Register; any such Person shall be a beneficial owner within the meaning of the Delaware Statutory Trust Act.

 
“Indemnified Person” has the meaning
specified in Section 8.10(c). 
 
“Indenture” means the Junior Subordinated Indenture executed and delivered by the Depositor and the Note Trustee contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the holders of
the Notes, a copy of which is attached hereto as Exhibit D, as amended or supplemented from time to time. 
 
“Indenture Redemption Price” has the meaning specified in Section 4.2(c). 
 
“Interest Payment Date” has the meaning specified in
Section 1.1 of the Indenture. 
 
“Investment Company Act” means the Investment Company Act of 1940, or any successor statute thereto, in each case as amended from time to time. 
 
“Investment Company Event” has the meaning specified in Section 1.1 of the Indenture.

 
“LIBOR” has the meaning specified in
Schedule A. 
 
“LIBOR Business
Day” has the meaning specified in Schedule A. 
 
“LIBOR Determination Date” has the meaning specified in Schedule A. 
 
“Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation,
assignment, security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
 
“Like Amount” means (a) with respect to a redemption of any Trust Securities, Trust Securities having a Liquidation Amount equal
to the principal amount of Notes to be contemporaneously redeemed or paid at maturity in accordance with the Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of
Notes to Holders of Trust Securities in connection with a dissolution of the Trust, Notes having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Notes are distributed and (c) with respect to any
distribution of Additional Interest Amounts to Holders of Trust Securities, Notes having a principal amount equal to the Liquidation Amount of the Trust Securities in respect of which such distribution is made. 
 
“Liquidation Amount” means the stated amount of
$1,000 per Trust Security. 
 
“Liquidation
Date” means the date on which assets are to be distributed to Holders in accordance with Section 9.4(a) hereunder following dissolution of the Trust. 
 
“Liquidation Distribution” has the meaning specified in Section 9.4(d). 
 

6 

 
“Majority
in Liquidation Amount of the Preferred Securities” means Preferred Securities representing more than fifty percent (50%) of the aggregate Liquidation Amount of all (or a specified group of) then Outstanding Preferred Securities. 
 
“Note Event of Default” means any “Event of
Default” specified in Section 5.1 of the Indenture. 
 
“Note Redemption Date” means, with respect to any Notes to be redeemed under the Indenture, the date fixed for redemption of such Notes under the Indenture. 
 
“Note Trustee” means the Person identified as the “Trustee” in the Indenture, solely in
its capacity as Trustee pursuant to the Indenture and not in its individual capacity, or its successor in interest in such capacity, or any successor Trustee appointed as provided in the Indenture. 
 
“Notes” means the Depositor’s Junior
Subordinated Notes issued pursuant to the Indenture. 
 
“Office of Thrift Supervision” means the Office of Thrift Supervision, as from time to time constituted or, if at any time after the execution of this Trust Agreement such Office is not existing and performing the duties
now assigned to it, then the body performing such duties at such time. 
 
“Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the President or an Executive Vice President, and by the Chief Financial Officer, Treasurer or an Assistant Treasurer, of the
Depositor, and delivered to the Trustees. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement (other than the certificate provided pursuant to Section 8.16)
shall include: 
 
(a) a statement
by each officer signing the Officers’ Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
 
(b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering
the Officers’ Certificate; 
 
(c) a statement that such officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has
been complied with; and 
 
(d) a
statement as to whether, in the opinion of such officer, such condition or covenant has been complied with. 
 
“Operative Documents” means the Purchase Agreement, the Indenture, the Trust Agreement, the Guarantee Agreement, the Notes and
the Trust Securities. 
 
“Opinion of
Counsel” means a written opinion of counsel, who may be counsel for, or an employee of, the Depositor or any Affiliate of the Depositor. 
 
“Original Issue Date” means the date of original issuance of the Trust Securities. 
 

7 

 
“Original
Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
 
“Outstanding”, when used with respect to any Trust Securities, means, as of the date of determination, all Trust Securities theretofore executed and delivered under this Trust Agreement,
except: 
 
(a) Trust Securities
theretofore canceled by the Property Trustee or delivered to the Property Trustee for cancellation; 
 
(b) Trust Securities for which payment or redemption money in the necessary amount has been theretofore deposited with the
Property Trustee or any Paying Agent in trust for the Holders of such Trust Securities; provided, that if such Trust Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement; and 
 
(c) Trust Securities that have been paid or
in exchange for or in lieu of which other Trust Securities have been executed and delivered pursuant to the provisions of this Trust Agreement, unless proof satisfactory to the Property Trustee is presented that any such Trust Securities are held by
Holders in whose hands such Trust Securities are valid, legal and binding obligations of the Trust; 
 
provided, that in determining whether the Holders of the requisite Liquidation Amount of the Outstanding Preferred Securities have given any request, demand, authorization, direction, notice, consent
or waiver hereunder, Preferred Securities owned by the Depositor, any Trustee or any Affiliate of the Depositor or of any Trustee shall be disregarded and deemed not to be Outstanding, except that (i) in determining whether any Trustee shall be
protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Preferred Securities that such Trustee knows to be so owned shall be so disregarded and (ii) the foregoing shall not apply at any time when
all of the Outstanding Preferred Securities are owned by the Depositor, one or more of the Trustees and/or any such Affiliate. Preferred Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Preferred Securities and that the pledgee is not the Depositor, any Trustee or any Affiliate of the Depositor or of any Trustee.

 
“Owner” means each Person who is the
beneficial owner of Book-Entry Preferred Securities as reflected in the records of the Depositary or, if a Depositary Participant is not the beneficial owner, then the beneficial owner as reflected in the records of the Depositary Participant.

 
“Paying Agent” means any Person
authorized by the Administrative Trustees to pay Distributions or other amounts in respect of any Trust Securities on behalf of the Trust. 
 
“Payment Account” means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the
benefit of the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and
4.2. 
 

8 

 
“Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, unincorporated association or
government, or any agency or political subdivision thereof, or any other entity of whatever nature. 
 
“Preferred Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000
and having the rights provided therefor in this Trust Agreement. 
 
“Preferred Securities Certificate” means a certificate evidencing ownership of Preferred Securities, substantially in the form attached as Exhibit C. 
 
“Property Trustee” means the Person identified as the “Property Trustee” in the preamble
to this Trust Agreement, solely in its capacity as Property Trustee of the Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor Property Trustee appointed as herein provided. 
 
“Purchase Agreement” means the Purchase Agreement
executed and delivered by the Trust, the Depositor and Trapeza CDO II, LLC, as purchaser, contemporaneously with the execution and delivery of this Trust Agreement, as amended from time to time. 
 
“QIB” means a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act. 
 
“Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such redemption by or pursuant to this Trust Agreement; provided, that each Note Redemption Date and the stated maturity (or any
date of principal repayment upon early maturity) of the Notes shall be a Redemption Date for a Like Amount of Trust Securities. 
 
“Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such Trust Security, plus accumulated
and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, paid by the Depositor upon the concurrent redemption or payment at maturity of a Like Amount of Notes. 
 
“Reference Banks” has the meaning specified in
Schedule A. 
 
“Responsible
Officer” means, with respect to the Property Trustee, any Senior Vice President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or Assistant
Trust Officer or any other officer of the Corporate Trust Department of the Property Trustee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s
knowledge of and familiarity with the particular subject. 
 
“Securities Act” means the Securities Act of 1933, and any successor statute thereto, in each case as amended from time to time. 
 
“Securities Certificate” means any one of the Common Securities Certificates or the Preferred Securities Certificates.

 

9 

 
“Securities Register” and “Securities Registrar” have the respective meanings specified in Section 5.7. 
 
“Successor Securities” has the meaning specified in Section 9.5(a). 
 
“Tax Event” has the meaning specified in Section
1.1 of the Indenture. 
 
“Trust”
means the Delaware statutory trust known as “Hudson United Capital Trust I,” which was created on March 27, 2003, under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement and the filing of the Certificate of Trust,
and continued pursuant to this Trust Agreement. 
 
“Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented from time to time in accordance with the applicable provisions hereof, including all Schedules and
Exhibits. 
 
“Trustees” means the
Administrative Trustees, the Property Trustee and the Delaware Trustee, each as defined in this Article I. 
 
“Trust Property” means (a) the Notes, (b) any cash on deposit in, or owing to, the Payment Account and (c) all proceeds and
rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to the trusts of this Trust Agreement. 
 
“Trust Security” means any one of the Common Securities or the Preferred Securities. 
 
ARTICLE II. 
 
The Trust 
 
SECTION 2.1. Name. 
 
The trust continued hereby shall be known as “Hudson
United Capital Trust I”, as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders of Trust Securities and the other Trustees, in which name the Trustees may conduct the business of
the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
 
SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business. 
 
The address of the Delaware Trustee in the State of Delaware is White Clay Center Route 273, Newark, Delaware
19711, Attention: Corporate Trust Administration, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Holders, the Depositor, the Property Trustee and the Administrative Trustees. The
principal executive office of the Trust is c/o Hudson United Bancorp, 1000 MacArthur Boulevard, Mahwah, NJ 

 

10 

07430, Attention: William A. Houlihan, as such address may be changed from time to time by the Administrative Trustees following written
notice to the Holders and the other Trustees. 
 
SECTION 2.3. Initial Contribution of Trust Property; Fees, Costs and Expenses. 
 
The Property Trustee acknowledges receipt from the Depositor in connection with the Original Trust Agreement of the sum of ten dollars ($10), which constituted the initial Trust Property. The Depositor
shall pay all fees, costs and expenses of the Trust (except with respect to the Trust Securities) as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such fees, costs and expenses paid by such Trustee. The
Depositor shall make no claim upon the Trust Property for the payment of such fees, costs or expenses. 
 
SECTION 2.4. Purposes of Trust. 
 
(a) The exclusive purposes and functions of the Trust are to (i) issue and sell Trust Securities and use the proceeds from
such sale to acquire the Notes and (ii) engage in only those activities necessary or incidental thereto. The Delaware Trustee, the Property Trustee and the Administrative Trustees are trustees of the Trust, and have all the rights, powers and duties
to the extent set forth herein. The Trustees hereby acknowledge that they are trustees of the Trust. 
 
(b) So long as this Trust Agreement remains in effect, the Trust (or the Trustees acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Trust (or the Trustees acting on behalf of the Trust) shall not (i) acquire any investments or engage in any activities
not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Holders, except as expressly provided herein, (iii) incur
any indebtedness for borrowed money or issue any other debt, (iv) take or consent to any action that would result in the placement of a Lien on any of the Trust Property, (v) take or consent to any action that would reasonably be expected to cause
the Trust to become taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes, (vi) take or consent to any action that would cause the Notes to be treated as other than indebtedness of the
Depositor for United States federal income tax purposes or (vii) take or consent to any action that would cause the Trust to be deemed to be an “investment company” required to be registered under the Investment Company Act. 
 
SECTION 2.5. Authorization to Enter into Certain Transactions.

 
(a) The Trustees shall conduct
the affairs of the Trust in accordance with and subject to the terms of this Trust Agreement. In accordance with the following provisions (i) and (ii), the Trustees shall have the authority to enter into all transactions and agreements determined by
the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees, under this Trust Agreement, and to perform all acts in furtherance thereof, including the following: 
 
(i) As among the Trustees, each
Administrative Trustee shall severally have the power and authority to act on behalf of the Trust with respect to the following matters: 
 

11 

 
(A) the issuance and sale of the Trust Securities; 
 
(B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, such agreements as may be necessary or desirable in connection with the purposes and function of the
Trust, including, without limitation, a common securities subscription agreement and a junior subordinated note subscription agreement; 
 
(C) assisting in the sale of the Preferred Securities in one or more transactions exempt from registration under the
Securities Act, and in compliance with applicable state securities or blue sky laws; 
 
(D) assisting in the sending of notices (other than notices of default) and other information regarding the Trust
Securities and the Notes to the Holders in accordance with this Trust Agreement; 
 
(E) the appointment of a Paying Agent and Securities Registrar in accordance with this Trust Agreement; 
 
(F) execution of the Trust Securities on
behalf of the Trust in accordance with this Trust Agreement; 
 
(G) execution and delivery of closing certificates, if any, pursuant to the Purchase Agreement and application for a taxpayer identification number for the Trust; 
 
(H) preparation and filing of all applicable
tax returns and tax information reports that are required to be filed on behalf of the Trust; 
 
(I) establishing a record date with respect to all actions to be taken hereunder that require a record date to be
established, except as provided in Section 6.10(a); 
 
(J) unless otherwise required by the Delaware Statutory Trust Act to execute on behalf of the Trust (either acting alone or together with the other Administrative Trustees) any documents that such
Administrative Trustee has the power to execute pursuant to this Trust Agreement; and 
 
(K) the taking of any action incidental to the foregoing as such Administrative Trustee may from time to time determine
is necessary or advisable to give effect to the terms of this Trust Agreement. 
 
(ii) As among the Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Trust with respect to the following matters: 
 
(A) the receipt and holding of legal title
of the Notes; 
 
(B) the
establishment of the Payment Account; 
 

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(C) the collection of interest, principal and any other payments made in
respect of the Notes and the holding of such amounts in the Payment Account; 
 
(D) the distribution through the Paying Agent of amounts distributable to the Holders in respect of the Trust Securities; 
 
(E) the exercise of all of the rights, powers and privileges of a holder of the Notes in
accordance with the terms of this Trust Agreement; 
 
(F) the sending of notices of default and other information regarding the Trust Securities and the Notes to the Holders in accordance with this Trust Agreement; 
 
(G) the distribution of the Trust Property in accordance with the terms of this Trust
Agreement; 
 
(H) to the extent
provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust and the preparation, execution and filing of the certificate of cancellation of the Trust with the Secretary of State of the State of Delaware; and

 
(I) the taking of any action
incidental to the foregoing as the Property Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement and protect and conserve the Trust Property for the benefit of the Holders (without
consideration of the effect of any such action on any particular Holder). 
 
(b) In connection with the issue and sale of the Preferred Securities, the Depositor shall have the right and responsibility to assist the Trust with respect to, or effect on behalf of the Trust, the
following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby ratified and confirmed in all respects): 
 
(i) the negotiation of the terms of, and the execution and delivery of, the Purchase
Agreement providing for the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and in compliance with applicable state securities or blue sky laws; and 
 
(ii) the taking of any other actions
necessary or desirable to carry out any of the foregoing activities. 
 
(c) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the Trust will not be
taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes, so that the Notes will be treated as indebtedness of the Depositor for United States federal income tax purposes and so that the
Trust will not be deemed to be an “investment company” required to be registered under the Investment Company Act. In this connection, each Administrative Trustee is authorized to take any action, not inconsistent with applicable law, the
Certificate of Trust or this Trust Agreement, that such Administrative 
 

13 

Trustee determines in his or her discretion to be necessary or desirable for such purposes, as long as such action does not adversely affect
in any material respect the interests of the Holders of the Outstanding Preferred Securities. In no event shall the Administrative Trustees be liable to the Trust or the Holders for any failure to comply with this Section 2.5 to the extent
that such failure results solely from a change in law or regulation or in the interpretation thereof. 
 
(d) Any action taken by a Trustee in accordance with its powers shall constitute the act of and serve to bind the Trust.
In dealing with any Trustee acting on behalf of the Trust, no Person shall be required to inquire into the authority of such Trustee to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of
any Trustee as set forth in this Trust Agreement. 
 
SECTION 2.6. Assets of Trust. 
 
The assets of the Trust shall consist of the Trust Property. 
 
SECTION 2.7. Title to Trust Property. 
 
(a) Legal title to all Trust Property shall be vested at all times in the Property Trustee and shall be held and
administered by the Property Trustee in trust for the benefit of the Trust and the Holders in accordance with this Trust Agreement. 
 
(b) The Holders shall not have any right or title to the Trust Property other than the undivided beneficial interest in
the assets of the Trust conferred by their Trust Securities and they shall have no right to call for any partition or division of property, profits or rights of the Trust except as described below. The Trust Securities shall be personal property
giving only the rights specifically set forth therein and in this Trust Agreement. 
 
ARTICLE III. 
 
Payment Account; Paying Agents 
 
SECTION 3.1. Payment Account. 
 
(a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and the Paying Agent shall have exclusive control and sole right of withdrawal with respect to the Payment Account
for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in
the Payment Account for the exclusive benefit of the Holders and for Distribution as herein provided. 
 
(b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of principal of or
interest on, and any other payments with respect to, the Notes. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof. 
 

14 

 
 
SECTION 3.2. Appointment of Paying Agents. 
 
The Paying Agent shall initially be the Property Trustee. The Paying Agent shall make Distributions to Holders from the Payment Account
and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions
referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’ written notice to
the Administrative Trustees and the Property Trustee. If the Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked, the Administrative Trustees shall appoint a successor
(which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an instrument in which such successor Paying Agent shall agree with the
Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent
shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Article VIII shall apply to the Property
Trustee also in its role as Paying Agent, for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise. 
 
ARTICLE IV. 
 
Distributions; Redemption 
 
SECTION 4.1. Distributions. 
 
(a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including any Additional Interest Amounts) will be made on the Trust Securities at the rate and on the dates that payments of
interest (including any Additional Interest) are made on the Notes. Accordingly: 
 
(i) Distributions on the Trust Securities shall be cumulative, and shall accumulate whether or not there are funds of the
Trust available for the payment of Distributions. Distributions shall accumulate from March 31, 2003, and, except as provided in clause (ii) below, shall be payable semi-annually in arrears on March 30th and September 30th of
each year, commencing on September 30, 2003. If any date on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding Business Day (and no
interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar year, such
payment shall be 

 

15 

made on the immediately preceding Business Day, in each case, with the same force and effect as if made on such date (each date on which
Distributions are payable in accordance with this Section 4.1(a)(i), a “Distribution Date”); 
 
(ii) in the event (and to the extent) that the Depositor exercises its right under the Indenture to defer the payment of
interest on the Notes, Distributions on the Trust Securities shall be deferred. Under the Indenture, so long as no Note Event of Default has occurred and is continuing, the Depositor shall have the right, at any time and from time to time during the
term of the Notes, to defer the payment of interest on the Notes for a period of up to ten (10) consecutive semi-annual interest payment periods (each such extended interest payment period, an “Extension Period”), during which Extension
Period no interest on the Notes shall be due and payable (except any Additional Tax Sums that may be due and payable). No interest on the Notes shall be due and payable during an Extension Period, except at the end thereof, but each installment of
interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest (to the extent payment of such interest would be legally enforceable) at a fixed rate per annum equal to 6.85% through the Interest
Payment Date in March, 2008 and a variable rate per annum, reset semi-annually, equal to LIBOR plus 3.30%, thereafter, compounded semi-annually, from the dates on which amounts would have otherwise been due and payable until paid or until funds for
the payment thereof have been made available for payment. If Distributions are deferred, the deferred Distributions (including Additional Interest Amounts) shall be paid on the date that the related Extension Period terminates, to Holders of the
Trust Securities as they appear on the books and records of the Trust on the record date immediately preceding such termination date. 
 
(iii) Distributions shall accumulate in respect of the Trust Securities at a fixed rate per annum equal to 6.85% through
the Distribution Date in March, 2008 and a variable rate per annum, reset semi-annually, equal to LIBOR plus 3.30%, thereafter. LIBOR shall be determined by the Calculation Agent in accordance with Schedule A. The amount of Distributions
payable for any period less than a full Distribution period shall be computed on the basis of a 360-day year and the actual number of days elapsed in the relevant Distribution period. The amount of Distributions payable for any period shall include
any Additional Interest Amounts in respect of such period; and 
 
(iv) Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and shall be payable on each Distribution Date only to the extent that the Trust has funds then on
hand and available in the Payment Account for the payment of such Distributions. 
 
(b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as
they appear on the Securities Register for the Trust Securities at the close of business on the relevant record date, which shall be at the close of business on the fifteenth day (whether or not a Business Day) preceding the relevant Distribution
Date. Distributions payable on any Trust Securities that are not punctually paid on any Distribution Date as a result of the Depositor having failed to make an interest payment under the Notes will cease to be payable to the Person in whose name
such Trust Securities are registered on the 

 

16 

relevant record date, and such defaulted Distributions and any Additional Interest Amounts will instead be payable to the Person in whose
name such Trust Securities are registered on the special record date, or other specified date for determining Holders entitled to such defaulted Distribution and Additional Interest Amount, established in the same manner, and on the same date, as
such is established with respect to the Notes under the Indenture. 
 
SECTION 4.2. Redemption. 
 
(a) On each Note Redemption Date and on the stated maturity (or any date of principal repayment upon early maturity) of the Notes and on each other date on (or in respect of) which any principal on the Notes is repaid, the
Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. 
 
(b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than
thirty (30) nor more than sixty (60) days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Securities Register. All notices of redemption shall state: 
 
(i) the Redemption Date; 
 
(ii) 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, as calculated by the Depositor, together with a statement that it is an estimate and
that the actual Redemption Price will be calculated by the Calculation Agent on the fifth Business Day prior to the Redemption Date (and if an estimate is provided, a further notice shall be sent of the actual Redemption Price on the date that such
Redemption Price is calculated); 
 
(iii) if less than all the Outstanding Trust Securities are to be redeemed, the identification (and, in the case of partial redemption, the respective) and Liquidation Amounts of the particular Trust Securities to be redeemed;

 
(iv) that on the Redemption
Date, the Redemption Price will become due and payable upon each such Trust Security, or portion thereof, to be redeemed and that Distributions thereon will cease to accumulate on such Trust Security or such portion, as the case may be, on and after
said date, except as provided in Section 4.2(d); 
 
(v) the place or places where the Trust Securities are to be surrendered for the payment of the Redemption Price; and 
 
(vi) such other provisions as the Property Trustee deems relevant. 
 
(c) The Trust Securities (or portion thereof)
redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the
Redemption Price shall be payable on each Redemption Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. Under the Indenture, the Notes may be redeemed by the
Depositor on 

 

17 

 
any Interest
Payment Date, at the Depositor’s option, on or after March 30, 2008, in whole or in part, from time to time at a redemption price equal to one hundred percent (100%) of the principal amount thereof, together, in the case of any such redemption,
with accrued interest, including any Additional Interest, to but excluding the date fixed for redemption (the “Indenture Redemption Price”); provided, that the Depositor shall have received the prior approval of the Federal Reserve Board
if then required. The Notes may also be redeemed by the Depositor, at its option, in whole but not in part, upon the occurrence of a Capital Disqualification Event, an Investment Company Event or a Tax Event at the Indenture Redemption Price.

 
(d) If the Property Trustee
gives a notice of redemption in respect of any Preferred Securities, then by 10:00 A.M., New York City time, on the Redemption Date, the Depositor shall deposit sufficient funds with the Property Trustee to pay the Redemption Price. If such deposit
has been made by such time, then by 12:00 noon, New York City time, on the Redemption Date, the Property Trustee will, with respect to Book-Entry Preferred Securities, irrevocably deposit with the Depositary for such Book-Entry Preferred Securities,
to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give such Depositary irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Securities. With respect to
Preferred Securities that are not Book-Entry Preferred Securities, the Property Trustee will irrevocably deposit with the Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give the
Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Securities upon surrender of their Preferred Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to
the Redemption Date for any Trust Securities (or portion thereof) called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register on the relevant record dates for the related Distribution
Dates. If notice of redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Holders holding Trust Securities (or portion thereof) so called for redemption will cease, except the right of
such Holders to receive the Redemption Price and any Distribution payable in respect of the Trust Securities on or prior to the Redemption Date, but without interest, and, in the case of a partial redemption, the right of such Holders to receive a
new Trust Security or Securities of authorized denominations, in aggregate Liquidation Amount equal to the unredeemed portion of such Trust Security or Securities, and such Securities (or portion thereof) called for redemption will cease to be
Outstanding. In the event that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding Business Day (and no interest shall accrue in
respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such Business Day falls 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 such date. In the event that payment of the Redemption Price in respect of any Trust Securities (or portion thereof) called for redemption is improperly
withheld or refused and not paid either by the Trust or by the Depositor pursuant to the Guarantee Agreement, Distributions on such Trust Securities(or portion thereof) will continue to accumulate, as set forth in Section 4.1, from the
Redemption Date originally established by the Trust for such Trust Securities(or portion thereof) to the date such Redemption Price is actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of
calculating the Redemption Price. 
 

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(e) Subject to Section 4.3(a), if less than all the Outstanding
Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated pro rata to the Common Securities and the Preferred Securities based upon the relative aggregate
Liquidation Amounts of the Common Securities and the Preferred Securities. The Preferred Securities to be redeemed shall be redeemed on a pro rata basis based upon their respective Liquidation Amounts not more than sixty (60) days prior to the
Redemption Date by the Property Trustee from the Outstanding Preferred Securities not previously called for redemption; provided, however, that with respect to Holders that would be required to hold less than one hundred (100) but more than zero (0)
Trust Securities as a result of such redemption, the Trust shall redeem Trust Securities of each such Holder so that after such redemption such Holder shall hold either one hundred (100) Trust Securities or such Holder no longer holds any Trust
Securities, and shall use such method (including, without limitation, by lot) as the Trust shall deem fair and appropriate; and provided, further, that so long as the Preferred Securities are Book-Entry Preferred Securities, such selection shall be
made in accordance with the Applicable Depositary Procedures for the Preferred Securities by such Depositary. The Property Trustee shall promptly notify the Securities Registrar in writing of the Preferred Securities (or portion thereof) selected
for redemption and, in the case of any Preferred Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating to
the redemption of Preferred Securities shall relate, in the case of any Preferred Securities redeemed or to be redeemed only in part, to the portion of the aggregate Liquidation Amount of Preferred Securities that has been or is to be redeemed.

 
(f) The Trust in issuing the
Trust Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices of redemption and related materials as a convenience to
Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Trust Securities or as contained in any notice of redemption and related materials. 
 
SECTION 4.3. Subordination of Common Securities. 
 
(a) Payment of Distributions (including any
Additional Interest Amounts) on, the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation
Amount of the respective Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest
Amounts) on, Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash
of all accumulated and unpaid Distributions (including any Additional Interest Amounts) on all Outstanding Preferred Securities for all Distribution periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full
amount of such Redemption Price on all Outstanding Preferred Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities,
shall have been made or provided for, and all funds immediately available to the Property Trustee 

 

19 

shall first be applied to the payment in full in cash of all Distributions (including any Additional Interest Amounts) on, or the Redemption
Price of or the Liquidation Distribution in respect of, the Preferred Securities then due and payable. 
 
(b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act
with respect to any such Event of Default under this Trust Agreement until all such Events of Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust
Agreement with respect to the Preferred Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Preferred Securities and not on behalf of the Holders of the Common
Securities, and only the Holders of all the Preferred Securities will have the right to direct the Property Trustee to act on their behalf. 
 
SECTION 4.4. Payment Procedures. 
 
Payments of Distributions (including any Additional Interest Amounts), the Redemption Price, Liquidation Amount or any other amounts in
respect of the Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing at least ten (10) Business Days prior to the date for payment by the
Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the
Securities Register. If any Preferred Securities are held by a Depositary, such Distributions thereon shall be made to the Depositary in immediately available funds. Payments in respect of the Common Securities shall be made in such manner as shall
be mutually agreed between the Property Trustee and the Holder of all the Common Securities. 
 
SECTION 4.5. Withholding Tax. 
 
The Trust and the Administrative Trustees shall comply with all withholding and backup withholding tax requirements under United States federal, state and local law. The Administrative Trustees on
behalf of the Trust shall request, and the Holders shall provide to the Trust, such forms or certificates as are necessary to establish an exemption from withholding and backup withholding tax with respect to each Holder and any representations and
forms as shall reasonably be requested by the Administrative Trustees on behalf of the Trust to assist it in determining the extent of, and in fulfilling, its withholding and backup withholding tax obligations. The Administrative Trustees shall file
required forms with applicable jurisdictions and, unless an exemption from withholding and backup withholding tax is properly established by a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To the extent
that the Trust is required to withhold and pay over any amounts to any jurisdiction with respect to Distributions or allocations to any Holder, the amount withheld shall be deemed to be a Distribution in the amount of the withholding to the Holder.
In the event of any claimed overwithholding, Holders shall be limited to an action against the applicable jurisdiction. If the amount required to be withheld was not withheld from actual Distributions made, the Administrative Trustees on behalf of
the Trust may reduce subsequent Distributions by the amount of such required withholding. 
 

20 

 
SECTION 4.6.
Tax Returns and Other Reports. 
 
(a) The Administrative Trustees shall prepare (or cause to be prepared) at the principal office of the Trust in the United States, as defined for purposes of Treasury regulations section 301.7701-7, at the Depositor’s expense,
and file, all United States federal, state and local tax and information returns and reports required to be filed by or in respect of the Trust. The Administrative Trustees shall prepare at the principal office of the Trust in the United States, as
defined for purposes of Treasury regulations section 301.7701-7, and furnish (or cause to be prepared and furnished), by January 31 in each taxable year of the Trust to each Holder all Internal Revenue Service forms and returns required to be
provided by the Trust. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. 
 
(b) So long as the Property Trustee is the
Holder of the Notes, the Administrative Trustees will cause the Depositor’s reports on Form FR Y-9C, FR Y-9LP and FR Y-6 to be delivered to the Property Trustee promptly following their filing with the Federal Reserve Board. 
 
SECTION 4.7. Payment of Taxes, Duties, Etc. of the Trust.

 
Upon receipt under the Notes of Additional Tax
Sums and upon the written direction of the Administrative Trustees, the Property Trustee shall promptly pay, solely out of monies on deposit pursuant to this Trust Agreement, any Additional Taxes imposed on the Trust by the United States or any
other taxing authority. 
 
SECTION 4.8. Payments
under Indenture or Pursuant to Direct Actions. 
 
Any amount payable hereunder to any Holder of Preferred Securities shall be reduced by the amount of any corresponding payment such Holder (or any Owner with respect thereto) has directly received pursuant to Section 5.8 of
the Indenture or Section 6.10(b) of this Trust Agreement. 
 
 
SECTION 4.9. Exchanges. 
 
(a) If at any time the Depositor or any of its Affiliates (in either case, a “Depositor Affiliate”) is the Owner
or Holder of any Preferred Securities, such Depositor Affiliate shall have the right to deliver to the Property Trustee all or such portion of its Preferred Securities as it elects and receive, in exchange therefor, a Like Amount of Notes. Such
election (i) shall be exercisable effective on any Distribution Date by such Depositor Affiliate delivering to the Property Trustee a written notice of such election specifying the Liquidation Amount of Preferred Securities with respect to which
such election is being made and the Distribution Date on which such exchange shall occur, which Distribution Date shall be not less than ten (10) Business Days after the date of receipt by the Property Trustee of such election notice and (ii) shall
be conditioned upon such Depositor Affiliate having delivered or caused to be delivered to the Property Trustee or its designee the Preferred Securities that are the subject of such election by 10:00 A.M. New York time, on the Distribution Date on
which such exchange is to occur. After the exchange, such Preferred Securities will be canceled and will no longer be deemed to be Outstanding and all rights of the Depositor Affiliate with respect to such Preferred Securities will cease.

 

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(b) In the case of an exchange described in Section 4.9(a), the Property Trustee on behalf of the Trust will, on the date of such exchange, exchange Notes having a principal amount equal to a proportional amount of the
aggregate Liquidation Amount of the Outstanding Common Securities, based on the ratio of the aggregate Liquidation Amount of the Preferred Securities exchanged pursuant to Section 4.9(a) divided by the aggregate Liquidation Amount of the
Preferred Securities Outstanding immediately prior to such exchange, for such proportional amount of Common Securities held by the Depositor (which contemporaneously shall be canceled and no longer be deemed to be Outstanding); provided, that the
Depositor delivers or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities to be exchanged by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. 
 
SECTION 4.10. Calculation Agent. 
 
(a) The Property Trustee shall initially, and
for so long as it holds any of the Notes, be the Calculation Agent for purposes of determining LIBOR for each Distribution Date. The Calculation Agent may be removed by the Administrative Trustees at any time. If the Calculation Agent is unable or
unwilling to act as such or is removed by the Administrative Trustees, the Administrative Trustees will promptly appoint as a replacement Calculation Agent the London office of a leading bank which is engaged in transactions in six-month Eurodollar
deposits in the international Eurodollar market and which does not control or is not controlled by or under common control with the Administrative Trustee or its Affiliates. The Calculation Agent may not resign its duties without a successor having
been duly appointed. 
 
(b) The
Calculation Agent shall be required to agree that, as soon as possible after 11:00 a.m. (London time) on each LIBOR Determination Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each LIBOR
Determination Date, the Calculation Agent will calculate the interest rate (rounded to the nearest cent, with half a cent being rounded upwards) for the related Distribution Date, and will communicate such rate and amount to the Depositor, Trustee,
each Paying Agent and the Depositary. The Calculation Agent will also specify to the Administrative Trustee the quotations upon which the foregoing rates and amounts are based and, in any event, the Calculation Agent shall notify the Administrative
Trustee before 5:00 p.m. (London time) on each LIBOR Determination Date that either: (i) it has determined or is in the process of determining the foregoing rates and amounts or (ii) it has not determined and is not in the process of determining the
foregoing rates and amounts, together with its reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts for any Distribution Date will (in the absence of manifest error) be final and binding upon all parties.
For the sole purpose of calculating the interest rate for the Trust Securities, “Business Day” shall be defined as any day on which dealings in deposits in Dollars are transacted in the London interbank market. 
 
SECTION 4.11. Certain Accounting Matters. 
 
(a) At all times during the existence of the
Trust, the Administrative Trustees shall keep, or cause to be kept at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, full books of account, records and supporting
documents, which shall reflect in reasonable detail each transaction of the Trust. The 

 

22 

books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted accounting principles,
consistently applied. 
 
(b) The
Administrative Trustees shall either (i), if the Depositor is then subject to such reporting requirements, cause each Form 10-K and Form 10-Q prepared by the Depositor and filed with the Commission in accordance with the Exchange Act to be delivered
to each Holder, with a copy to the Property Trustee, within thirty (30) days after the filing thereof or (ii) cause to be prepared at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section
301.7701-7, and delivered to each of the Holders, with a copy to the Property Trustee, within ninety (90) days after the end of each Fiscal Year, annual financial statements of the Trust, including a balance sheet of the Trust as of the end of such
Fiscal Year, and the related statements of income or loss. 
 
(c) The Trust shall maintain one or more bank accounts in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, in the name and for the sole benefit of the Trust;
provided, however, that all payments of funds in respect of the Notes held by the Property Trustee shall be made directly to the Payment Account and no other funds of the Trust shall be deposited in the Payment Account. The sole
signatories for such accounts (including the Payment Account) shall be designated by the Property Trustee. 
 
ARTICLE V. 
 
Securities 
 
SECTION 5.1. Initial Ownership. 
 
Upon the creation of the Trust and the contribution by the Depositor referred to in Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust Securities are Outstanding, the Depositor
shall be the sole beneficial owner of the Trust. 
 
SECTION 5.2. Authorized Trust Securities. 
 
The Trust shall be authorized to issue one series of Preferred Securities having an aggregate Liquidation Amount of $20,000,000 and one series of Common Securities having an aggregate Liquidation Amount of $619,000. 
 
SECTION 5.3. Issuance of the Common Securities; Subscription
and Purchase of Notes. 
 
On the Closing Date, an
Administrative Trustee, on behalf of the Trust, shall execute and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, evidencing an aggregate of 619 Common Securities having an aggregate Liquidation
Amount of $619,000, against receipt by the Trust of the aggregate purchase price of such Common Securities of $619,000. Contemporaneously therewith and with the sale by the Trust to the Holders of an aggregate of 20,000 Preferred Securities having
an aggregate Liquidation Amount of $20,000,000, an Administrative Trustee, on behalf of the Trust, shall subscribe for and purchase from the Depositor Notes, to be registered in the name of the Property Trustee on 

 

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behalf of the Trust and having an aggregate principal amount equal to $20,619,000, and, in satisfaction of the purchase price for such Notes,
the Property Trustee, on behalf of the Trust, shall deliver to the Depositor the sum of $20,019,000 (being the aggregate amount paid by the Holders for the Preferred Securities, net of the discount, and the amount paid by the Depositor for the
Common Securities). 
 
SECTION 5.4. The Securities
Certificates. 
 
(a) The Preferred
Securities Certificates shall be issued in minimum denominations of $100,000 Liquidation Amount and integral multiples of $1,000 in excess thereof, and the Common Securities Certificates shall be issued in minimum denominations of $10,000
Liquidation Amount and integral multiples of $1,000 in excess thereof. The Securities Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least one Administrative Trustee. Securities Certificates bearing the
signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign such Securities Certificates on behalf of the Trust shall be validly issued and entitled to the benefits of this Trust Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Securities Certificates or did not have such authority at the date of delivery of such Securities Certificates. 
 
(b) On the Closing Date, upon the written
order of an authorized officer of the Depositor, the Administrative Trustees shall cause Securities Certificates to be executed on behalf of the Trust and delivered, without further corporate action by the Depositor, in authorized denominations.

 
(c) The Preferred Securities
issued to QIBs shall be, except as provided in Section 5.6, Book-Entry Preferred Securities issued in the form of one or more Global Preferred Securities registered in the name of the Depositary, or its nominee and deposited with the
Depositary or a custodian for the Depositary for credit by the Depositary to the respective accounts of the Depositary Participants thereof (or such other accounts as they may direct). The Preferred Securities issued to a Person other than a QIB
shall be issued in the form of Definitive Preferred Securities Certificate. 
 
(d) A Preferred Security shall not be valid until authenticated by the manual signature of an Authorized Officer of the Property Trustee. Such signature shall be conclusive evidence that the Preferred
Security has been authenticated under this Trust Agreement. Upon written order of the Trust signed by one Administrative Trustee, the Property Trustee shall authenticate the Preferred Securities for original issue. The Property Trustee may appoint
an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate the Preferred Securities. A Common Security need not be so authenticated and shall be valid upon execution by one or more Administrative Trustees. The form of this
certificate of authentication can be found in Section 5.13. 
 
SECTION 5.5. Rights of Holders. 
 
The Trust Securities shall have no preemptive or similar rights and when issued and delivered to Holders against payment of the purchase price therefor will be fully paid and non- 

 

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assessable by the Trust. Except as provided in Section 5.11(b), the Holders of the Trust Securities, in their capacities as such,
shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 
SECTION 5.6. Book-Entry Preferred Securities. 
 
(a) A Global Preferred Security may be
exchanged, in whole or in part, for Definitive Preferred Securities Certificates registered in the names of the Owners only if such exchange complies with Section 5.7 and (i) the Depositary advises the Administrative Trustees and the Property
Trustee in writing that the Depositary is no longer willing or able properly to discharge its responsibilities with respect to the Global Preferred Security, and no qualified successor is appointed by the Administrative Trustees within ninety (90)
days of receipt of such notice, (ii) the Depositary ceases to be a clearing agency registered under the Exchange Act and the Administrative Trustees fail to appoint a qualified successor within ninety (90) days of obtaining knowledge of such event,
(iii) the Administrative Trustees at their option advise the Property Trustee in writing that the Trust elects to terminate the book-entry system through the Depositary or (iv) a Note Event of Default has occurred and is continuing. Upon the
occurrence of any event specified in clause (i), (ii), (iii) or (iv) above, the Administrative Trustees shall notify the Depositary and instruct the Depositary to notify all Owners of Book-Entry Preferred Securities, the Delaware Trustee and the
Property Trustee of the occurrence of such event and of the availability of the Definitive Preferred Securities Certificates to Owners of the Preferred Securities requesting the same. Upon the issuance of Definitive Preferred Securities
Certificates, the Trustees shall recognize the Holders of the Definitive Preferred Securities Certificates as Holders. Notwithstanding the foregoing, if an Owner of a beneficial interest in a Global Preferred Security wishes at any time to transfer
an interest in such Global Preferred Security to a Person other than a QIB, such transfer shall be effected, subject to the Applicable Depositary Procedures, in accordance with the provisions of this Section 5.6 and Section 5.7, and
the transferee shall receive a Definitive Preferred Securities Certificate in connection with such transfer. A holder of a Definitive Preferred Securities Certificate that is a QIB may, upon request, and in accordance with the provisions of this
Section 5.6 and Section 5.7, exchange such Definitive Preferred Securities Certificate for a beneficial interest in a Global Preferred Security. 
 
(b) If any Global Preferred Security is to be exchanged for Definitive Preferred Securities Certificates or canceled in
part, or if any Definitive Preferred Securities Certificate is to be exchanged in whole or in part for any Global Preferred Security, then either (i) such Global Preferred Security shall be so surrendered for exchange or cancellation as provided in
this Article V or (ii) the aggregate Liquidation Amount represented by such Global Preferred Security shall be reduced, subject to Section 5.4, or increased by an amount equal to the Liquidation Amount represented by that portion of
the Global Preferred Security to be so exchanged or canceled, or equal to the Liquidation Amount represented by such Definitive Preferred Securities Certificates to be so exchanged for any Global Preferred Security, as the case may be, by means of
an appropriate adjustment made on the records of the Securities Registrar, whereupon the Property Trustee, in accordance with the Applicable Depositary Procedures, shall instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records. Upon any such surrender to the Administrative Trustees or the Securities Registrar of any Global Preferred Security or Securities by the Depositary, accompanied by registration instructions, the 

 

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Administrative Trustees, or any one of them, shall execute the Definitive Preferred Securities Certificates in accordance with the
instructions of the Depositary. None of the Securities Registrar or the Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions.

 
(c) Every Definitive Preferred
Securities Certificate executed and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Preferred Security or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Preferred
Security, unless such Definitive Preferred Securities Certificate is registered in the name of a Person other than the Depositary for such Global Preferred Security or a nominee thereof. 
 
(d) The Depositary or its nominee, as registered owner of a Global Preferred Security, shall
be the Holder of such Global Preferred Security for all purposes under this Trust Agreement and the Global Preferred Security, and Owners with respect to a Global Preferred Security shall hold such interests pursuant to the Applicable Depositary
Procedures. The Securities Registrar and the Trustees shall be entitled to deal with the Depositary for all purposes of this Trust Agreement relating to the Global Preferred Securities (including the payment of the Liquidation Amount of and
Distributions on the Book-Entry Preferred Securities represented thereby and the giving of instructions or directions by Owners of Book-Entry Preferred Securities represented thereby and the giving of notices) as the sole Holder of the Book-Entry
Preferred Securities represented thereby and shall have no obligations to the Owners thereof. None of the Trustees nor the Securities Registrar shall have any liability in respect of any transfers effected by the Depositary. 
 
(e) The rights of the Owners of the
Book-Entry Preferred Securities shall be exercised only through the Depositary and shall be limited to those established by law, the Applicable Depositary Procedures and agreements between such Owners and the Depositary and/or the Depositary
Participants; provided, solely for the purpose of determining whether the Holders of the requisite amount of Preferred Securities have voted on any matter provided for in this Trust Agreement, to the extent that Preferred Securities are represented
by a Global Preferred Security, the Trustees may conclusively rely on, and shall be fully protected in relying on, any written instrument (including a proxy) delivered to the Property Trustee by the Depositary setting forth the Owners’ votes or
assigning the right to vote on any matter to any other Persons either in whole or in part. To the extent that Preferred Securities are represented by a Global Preferred Security, the initial Depositary will make book-entry transfers among the
Depositary Participants and receive and transmit payments on the Preferred Securities that are represented by a Global Preferred Security to such Depositary Participants, and none of the Depositor or the Trustees shall have any responsibility or
obligation with respect thereto. 
 
(f) To the extent that a notice or other communication to the Holders is required under this Trust Agreement, for so long as Preferred Securities are represented by a Global Preferred Security, the Trustees shall give all such
notices and communications to the Depositary, and shall have no obligations to the Owners. 
 

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SECTION 5.7.
Registration of Transfer and Exchange of Preferred Securities Certificates. 
 
(a) The Property Trustee shall keep or cause to be kept, at the Corporate Trust Office, a register or registers (the “Securities Register”) in which the registrar and transfer agent with
respect to the Trust Securities (the “Securities Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Preferred Securities Certificates and Common Securities Certificates and
registration of transfers and exchanges of Preferred Securities Certificates as herein provided. The Person acting as the Property Trustee shall at all times also be the Securities Registrar. The provisions of Article VIII shall apply to the
Property Trustee in its role as Securities Registrar. 
 
(b) Upon surrender for registration of transfer of any Preferred Securities Certificate at the office or agency maintained pursuant to Section 5.7(f), the Administrative Trustees or any one of them shall execute by
manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Preferred Securities Certificates in authorized
denominations of a like aggregate Liquidation Amount as may be required by this Trust Agreement dated the date of execution by such Administrative Trustee or Trustees. At the option of a Holder, Preferred Securities Certificates may be exchanged for
other Preferred Securities Certificates in authorized denominations and of a like aggregate Liquidation Amount upon surrender of the Preferred Securities Certificate to be exchanged at the office or agency maintained pursuant to Section
5.7(f). Whenever any Preferred Securities Certificates are so surrendered for exchange, the Administrative Trustees or any one of them shall execute by manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee
shall authenticate and deliver, the Preferred Securities Certificates that the Holder making the exchange is entitled to receive. 
 
(c) The Securities Registrar shall not be required, (i) to issue, register the transfer of or exchange any Preferred
Security during a period beginning at the opening of business fifteen (15) days before the day of selection for redemption of such Preferred Securities pursuant to Article IV and ending at the close of business on the day of mailing of the
notice of redemption or (ii) to register the transfer of or exchange any Preferred Security so selected for redemption in whole or in part, except, in the case of any such Preferred Security to be redeemed in part, any portion thereof not to be
redeemed. 
 
(d) Every Preferred
Securities Certificate presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Securities Registrar duly executed by the Holder or
such Holder’s attorney duly authorized in writing and (i) if such Preferred Securities Certificate is being transferred otherwise than to a QIB, accompanied by a certificate of the transferee substantially in the form set forth as Exhibit
E hereto or (ii) if such Preferred Securities Certificate is being transferred to a QIB, accompanied by a certificate of the transferor substantially in the form set forth as Exhibit F hereto. 
 
(e) No service charge shall be made for any
registration of transfer or exchange of Preferred Securities Certificates, but the Property Trustee on behalf of the Trust may require 

 

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payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of
Preferred Securities Certificates. 
 
(f) The Administrative Trustees shall designate an office or offices or agency or agencies where Preferred Securities Certificates may be surrendered for registration of transfer or exchange. The Depositor initially designates the
Corporate Trust Office as its office and agency for such purposes. The Administrative Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the Holders of any change in the location of any such office or agency.

 

	SECTION	 	5.8. Mutilated, Destroyed, Lost or Stolen Securities Certificates. 

 
(a) If any mutilated Securities Certificate shall be surrendered to the Securities Registrar
together with such security or indemnity as may be required by the Securities Registrar and the Administrative Trustees to save each of them harmless, the Administrative Trustees, or any one of them, on behalf of the Trust, shall execute and make
available for delivery in exchange therefor a new Securities Certificate of like class, tenor and denomination. 
 
(b) If the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any
Securities Certificate and there shall be delivered to the Securities Registrar and the Administrative Trustees such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Securities
Certificate shall have been acquired by a protected purchaser, the Administrative Trustees, or any one of them, on behalf of the Trust, shall execute and make available for delivery, and, with respect to Preferred Securities, the Property Trustee
shall authenticate, in exchange for or in lieu of any such destroyed, lost or stolen Securities Certificate, a new Securities Certificate of like class, tenor and denomination. 
 
(c) In connection with the issuance of any new Securities Certificate under this Section
5.8, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 
(d) Any duplicate Securities Certificate
issued pursuant to this Section 5.8 shall constitute conclusive evidence of an undivided beneficial interest in the assets of the Trust corresponding to that evidenced by the mutilated, lost, stolen or destroyed Securities Certificate, as if
originally issued, whether or not the lost, stolen or destroyed Securities Certificate shall be found at any time. 
 
(e) If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the
Depositor in its discretion may, instead of issuing a new Security, pay such Security. 
 
(f) The provisions of this Section 5.8 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement of mutilated, destroyed, lost or stolen Securities Certificates. 
 

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	SECTION	 	5.9. Persons Deemed Holders. 

 
The Trustees and the Securities Registrar shall each treat the Person in whose name any Securities Certificate shall be registered in the
Securities Register as the owner of such Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and none of the Trustees and the Securities Registrar shall be bound by any notice to the contrary.

 

	SECTION	 	5.10. Cancellation. 

 
All Preferred Securities Certificates surrendered for registration of transfer or exchange or for payment shall, if surrendered to any
Person other than the Property Trustee, be delivered to the Property Trustee, and any such Preferred Securities Certificates and Preferred Securities Certificates surrendered directly to the Property Trustee for any such purpose shall be promptly
canceled by it. The Administrative Trustees may at any time deliver to the Property Trustee for cancellation any Preferred Securities Certificates previously delivered hereunder that the Administrative Trustees may have acquired in any manner
whatsoever, and all Preferred Securities Certificates so delivered shall be promptly canceled by the Property Trustee. No Preferred Securities Certificates shall be executed and delivered in lieu of or in exchange for any Preferred Securities
Certificates canceled as provided in this Section 5.10, except as expressly permitted by this Trust Agreement. All canceled Preferred Securities Certificates shall be disposed of by the Property Trustee in accordance with its customary
practices and the Property Trustee shall deliver to the Administrative Trustees a certificate of such disposition. 
 

	SECTION	 	5.11. Ownership of Common Securities by Depositor. 

 
(a) On the Closing Date, the Depositor shall acquire, and thereafter shall retain, beneficial and record ownership of the
Common Securities. Neither the Depositor nor any successor Holder of the Common Securities may transfer less than all the Common Securities, and the Depositor or any such successor Holder may transfer the Common Securities only (i) in connection
with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or lease by the Depositor of its properties and assets substantially as an entirety to any Person (in which event such Common Securities will be
transferred to such surviving entity, transferee or lessee, as the case may be), pursuant to Section 8.1 of the Indenture or (ii) to the Depositor or an Affiliate of the Depositor, in each such case in compliance with applicable law
(including the Securities Act, and applicable state securities and blue sky laws). To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the immediately preceding sentence shall be void.
The Administrative Trustees shall cause each Common Securities Certificate issued to the Depositor to contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE
TRUST AGREEMENT.” 
 
(b) Any
Holder of the Common Securities shall be liable for the debts and obligations of the Trust in the manner and to the extent set forth with respect to the Depositor and agrees that it shall be subject to all liabilities to which the Depositor may be
subject and, prior to becoming such a Holder, shall deliver to the Administrative Trustees an instrument of assumption satisfactory to such Trustees. 
 

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	SECTION	 	5.12. Restricted Legends. 

 
(a) Each Preferred Security Certificate shall bear a legend in substantially the following form: 
 
“[IF THIS SECURITY IS A GLOBAL
SECURITY INSERT: THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS
PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 
UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HUDSON
UNITED CAPITAL TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON 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 HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 
THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED
SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE
PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
 
THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE
DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED 

 

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INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED
INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V)
PURSUANT TO AN EXEMPTION FROM THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT OF THE
TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 
THE PREFERRED SECURITIES WILL
BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN
$100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES. 
 
THE HOLDER OF THIS SECURITY, OR ANY INTEREST
THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY
PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE
UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR 

 

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ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY, OR ANY INTEREST THEREIN, IS NOT PROHIBITED BY SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE
ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR
ADMINISTRATIVE EXEMPTION. 
 
THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”).” 
 
(b) The above legend shall not be removed
from any of the Preferred Securities Certificates unless there is delivered to the Property Trustee and the Depositor satisfactory evidence, which may include an opinion of counsel, as may be reasonably required to ensure that any future transfers
thereof may be made without restriction under the provisions of the Securities Act and other applicable law. Upon provision of such satisfactory evidence, one or more of the Administrative Trustees on behalf of the Trust shall execute and deliver to
the Property Trustee, and the Property Trustee shall deliver, at the written direction of the Administrative Trustees and the Depositor, Preferred Securities Certificates that do not bear the legend. 
 

32 

 
SECTION 5.13.
Form of Certificate of Authentication. 
 
The
Property Trustee’s certificate of authentication shall be in substantially the following form: 
 
This is one of the Preferred Securities referred to in the within-mentioned Trust Agreement. 
 

	 Dated:
	 	 The Bank of New York, not in its individual
 capacity, but solely as Property Trustee

	
	 	 	 By:
	 	  

	 	 	 	 	 Authorized officer

 
ARTICLE
VI. 
 
MEETINGS; VOTING; ACTS OF HOLDERS

 
SECTION 6.1. Notice of Meetings. 
 
Notice of all meetings of the Holders of the Preferred
Securities, stating the time, place and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each Holder of Preferred Securities, at such Holder’s registered address, at least fifteen (15) days and
not more than ninety (90) days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned without further
notice. 
 
SECTION 6.2. Meetings of Holders of the
Preferred Securities. 
 
(a) No
annual meeting of Holders is required to be held. The Property Trustee, however, shall call a meeting of the Holders of the Preferred Securities to vote on any matter upon the written request of the Holders of at least twenty five percent (25%) in
aggregate Liquidation Amount of the Outstanding Preferred Securities and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of the Holders of the Preferred Securities to vote on any matters as to
which such Holders are entitled to vote. 
 
(b) The Holders of at least a Majority in Liquidation Amount of the Preferred Securities, present in person or by proxy, shall constitute a quorum at any meeting of the Holders of the Preferred Securities. 
 
(c) If a quorum is present at a meeting, an
affirmative vote by the Holders present, in person or by proxy, holding Preferred Securities representing at least a Majority in Liquidation Amount of the Preferred Securities held by the Holders present, either in person or by proxy, at such
meeting shall constitute the action of the Holders of the Preferred Securities, unless this Trust Agreement requires a lesser or greater number of affirmative votes. 
 

33 

 
SECTION 6.3.
Voting Rights. 
 
Holders shall be entitled to one
vote for each $10,000 of Liquidation Amount represented by their Outstanding Trust Securities in respect of any matter as to which such Holders are entitled to vote. 
 
SECTION 6.4. Proxies, Etc. 
 
At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided, that no proxy
shall be voted at any meeting unless it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the Administrative Trustees may direct, for verification prior to the time at which such
vote shall be taken. Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled to vote. When Trust
Securities are held jointly by several Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person or by proxy, and such joint
owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed valid unless challenged at or
prior to its exercise, and the burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
 
SECTION 6.5. Holder Action by Written Consent. 
 
Any action that may be taken by Holders at a meeting may be taken without a meeting and without prior notice
if Holders holding at least a Majority in Liquidation Amount of all Preferred Securities entitled to vote in respect of such action (or such lesser or greater proportion thereof as shall be required by any other provision of this Trust Agreement)
shall consent to the action in writing; provided, that notice of such action is promptly provided to the Holders of Preferred Securities that did not consent to such action. Any action that may be taken by the Holders of all the Common Securities
may be taken without a meeting and without prior notice if such Holders shall consent to the action in writing. 
 
SECTION 6.6. Record Date for Voting and Other Purposes. 
 
Except as provided in Section 6.10(a), for the purposes of determining the Holders who are entitled to
notice of and to vote at any meeting or to act by written consent, or to participate in any distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other
action, the Administrative Trustees may from time to time fix a date, not more than ninety (90) days prior to the date of any meeting of Holders or the payment of a Distribution or other action, as the case may be, as a record date for the
determination of the identity of the Holders of record for such purposes. 
 
SECTION 6.7. Acts of Holders. 
 
(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be given, made or taken by Holders may 

 

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be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent
thereof duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to an Administrative Trustee. 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 Trust Agreement and conclusive in favor of the Trustees, if made in the manner provided in this Section 6.7. 
 
(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 a certificate of a 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 signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such signer’s authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that any Trustee receiving the same deems sufficient. 
 
(c) The ownership of Trust Securities shall be proved by the Securities Register.

 
(d) Any request, demand,
authorization, direction, notice, consent, waiver or other Act of the Holder of any Trust Security shall bind every future Holder of the same Trust Security and the Holder of every Trust 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 Trustees, the Administrative Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such Trust
Security. 
 
(e) Without limiting
the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such Trust 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 Liquidation Amount. 
 
(f) If any dispute shall arise among the Holders or the Trustees with respect to the authenticity, validity or binding
nature of any request, demand, authorization, direction, notice, consent, waiver or other Act of such Holder or Trustee under this Article VI, then the determination of such matter by the Property Trustee shall be conclusive with respect to
such matter. 
 
SECTION 6.8. Inspection of Records.

 
Upon reasonable written notice to the
Administrative Trustees and the Property Trustee, the records of the Trust shall be open to inspection by any Holder during normal business hours for any purpose reasonably related to such Holder’s interest as a Holder. 

 

35 

 
SECTION 6.9.
Limitations on Voting Rights. 
 
(a) Except as expressly provided in this Trust Agreement and in the Indenture and as otherwise required by law, no Holder of Preferred Securities shall have any right to vote or in any manner otherwise control the administration,
operation and management of the Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms of the Securities Certificates, be construed so as to constitute the Holders from time to time as partners
or members of an association. 
 
(b) So long as any Notes are held by the Property Trustee on behalf of the Trust, the Property Trustee shall not (i) direct the time, method and place of conducting any proceeding for any remedy available to the Note Trustee, or
exercise any trust or power conferred on the Property Trustee with respect to the Notes, (ii) waive any past default that may be waived under Section 5.13 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the
principal of all the Notes shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture or the Notes, where such consent shall be required, without, in each case, obtaining the prior approval of the Holders
of at least a Majority in Liquidation Amount of the Preferred Securities; provided, that where a consent under the Indenture would require the consent of each holder of Notes (or each Holder of Preferred Securities) affected thereby, no such consent
shall be given by the Property Trustee without the prior written consent of each Holder of Preferred Securities. The Property Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Preferred Securities,
except by a subsequent vote of the Holders of the Preferred Securities. In addition to obtaining the foregoing approvals of the Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Property Trustee shall, at the
expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such action shall not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income
tax purposes. 
 
(c) If any
proposed amendment to the Trust Agreement provides for, or the Trustees otherwise propose to effect, (i) any action that would adversely affect in any material respect the powers, preferences or special rights of the Preferred Securities, whether by
way of amendment to the Trust Agreement or otherwise or (ii) the dissolution, winding-up or termination of the Trust, other than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Preferred Securities as a class will be
entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities. Notwithstanding any other
provision of this Trust Agreement, no amendment to this Trust Agreement may be made if, as a result of such amendment, it would cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal
income tax purposes. 
 
SECTION 6.10. Acceleration
of Maturity; Rescission of Annulment; Waivers of Past Defaults. 
 
(a) For so long as any Preferred Securities remain Outstanding, if, upon a Note Event of Default, the Note Trustee fails or the holders of not less than twenty five percent (25%) in principal amount of
the outstanding Notes fail to declare the principal of all of the Notes to be 

 

36 

immediately due and payable, the Holders of at least twenty five percent (25%) in Liquidation Amount of the Preferred Securities then
Outstanding shall have the right to make such declaration by a notice in writing to the Property Trustee, the Depositor and the Note Trustee. At any time after a declaration of acceleration with respect to the Notes has been made and before a
judgment or decree for payment of the money due has been obtained by the Note Trustee as provided in the Indenture, the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, by written notice to the Property Trustee, the
Depositor and the Note Trustee, may rescind and annul such declaration and its consequences if: 
 
(i) the Depositor has paid or deposited with the Note Trustee a sum sufficient to pay: 
 
(A) all overdue installments of interest on
all of the Notes; 
 
(B) any
accrued Additional Interest on all of the Notes; 
 
(C) the principal of and any premium on any Notes that have become due otherwise than by such declaration of acceleration and interest and Additional Interest thereon at the rate borne by the Notes; and 
 
(D) all sums paid or advanced by the Note
Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Note Trustee, the Property Trustee and their agents and counsel; and 
 
(ii) all Note Events of Default, other than the non-payment of the principal of the Notes
that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 
 
Upon receipt by the Property Trustee of written notice requesting such an acceleration, or rescission and annulment
thereof, by Holders of any part of the Preferred Securities, a record date shall be established for determining Holders of Outstanding Preferred Securities entitled to join in such notice, which record date shall be at the close of business on the
day the Property Trustee receives such notice. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date;
provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day that is ninety (90) days after
such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent
a Holder, or a proxy of a Holder, from giving, after expiration of such ninety (90)-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice that
has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 6.10(a). 
 
(b) For so long as any Preferred Securities remain Outstanding, to the fullest extent
permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a Note Event of Default specified in paragraph (a) or (b) of Section 5.1 of the Indenture, any Holder of 

 

37 

Preferred Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to Section 5.8 of the
Indenture, for enforcement of payment to such Holder of any amounts payable in respect of Notes having an aggregate principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such Holder. Except as set forth in
Section 6.10(a) and this Section 6.10(b), the Holders of Preferred Securities shall have no right to exercise directly any right or remedy available to the holders of, or in respect of, the Notes. 
 
(c) Notwithstanding paragraphs (a) and (b) of
this Section 6.10, the Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred Securities, waive any Note Event of Default, except any Note Event of Default arising
from the failure to pay any principal of or any premium or interest on (including any Additional Interest) the Notes (unless such Note Event of Default has been cured and a sum sufficient to pay all matured installments of interest and all principal
and premium on all Notes due otherwise than by acceleration has been deposited with the Note Trustee) or a Note Event of Default in respect of a covenant or provision that under the Indenture cannot be modified or amended without the consent of the
holder of each outstanding Note. Upon any such waiver, such Note Event of Default shall cease to exist and any Note Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such waiver shall
affect any subsequent Note Event of Default or impair any right consequent thereon. 
 
(d) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of at least a Majority in Liquidation
Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Trust Agreement, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 
 
(e) The Holders of a Majority in Liquidation
Amount of the Preferred Securities shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Property Trustee in respect of this Trust Agreement or the Notes or exercising any trust or
power conferred upon the Property Trustee under this Trust Agreement; provided, that, subject to Sections 8.5 and 8.7, the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee being
advised by counsel determines that the action so directed may not lawfully be taken, or if the Property Trustee in good faith shall, by an officer or officers of the Property Trustee, determine that the proceedings so directed would be illegal or
involve it in personal liability or be unduly prejudicial to the rights of Holders not party to such direction, and provided, further, that nothing in this Trust Agreement shall impair the right of the Property Trustee to take any action deemed
proper by the Property Trustee and which is not inconsistent with such direction. 
 

38 

 
ARTICLE VII.

 
Representations And Warranties 
 
SECTION 7.1. Representations and Warranties of the Property
Trustee and the Delaware Trustee. 
 
The Property
Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants for the benefit of the Depositor and the Holders that: 
 
(a) the Property Trustee is a New York banking corporation, duly organized, validly existing
and in good standing under the laws of the State of New York; 
 
(b) the Property Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize
the execution, delivery and performance by it of this Trust Agreement; 
 
(c) the Delaware Trustee is a Delaware banking corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware; 
 
(d) the Delaware Trustee has full corporate
power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 
(e) this Trust Agreement has been duly
authorized, executed and delivered by the Property Trustee and the Delaware Trustee and constitutes the legal, valid and binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with
its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity; 
 
(f) the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate
or other action on the part of the Property Trustee and the Delaware Trustee and do not require any approval of stockholders of the Property Trustee and the Delaware Trustee and such execution, delivery and performance will not (i) violate the
Articles of Association or By-laws of the Property Trustee or the Delaware Trustee or (ii) violate any applicable law, governmental rule or regulation of the United States or the State of Delaware, as the case may be, governing the banking, trust or
general powers of the Property Trustee or the Delaware Trustee or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 
(g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust
Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware Trustee contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with
respect to any governmental authority or agency under 

 

39 

any existing law of the United States or the State of Delaware governing the banking, trust or general powers of the Property Trustee or the
Delaware Trustee, as the case may be; and 
 
(h) to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge, there are no proceedings pending or threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before
any governmental authority, agency or arbitration board or tribunal that, individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Property Trustee or the Delaware
Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
 
SECTION 7.2. Representations and Warranties of Depositor. 
 
The Depositor hereby represents and warrants for the benefit of the Holders that: 
 
(a) the Depositor is a corporation duly
organized, validly existing and in good standing under the laws of its state of incorporation; 
 
(b) the Depositor has full corporate power, authority and legal right to execute, deliver and perform its obligations
under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 
(c) this Trust Agreement has been duly authorized, executed and delivered by the Depositor and constitutes the legal,
valid and binding agreement of the Depositor enforceable against the Depositor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of
equity; 
 
(d) the Securities
Certificates issued at the Closing Date on behalf of the Trust have been duly authorized and will have been duly and validly executed, issued and delivered by the applicable Trustees pursuant to the terms and provisions of, and in accordance with
the requirements of, this Trust Agreement and the Holders will be, as of such date, entitled to the benefits of this Trust Agreement; 
 
(e) the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate
or other action on the part of the Depositor and do not require any approval of stockholders of the Depositor and such execution, delivery and performance will not (i) violate the articles or certificate of incorporation or by-laws (or other
organizational documents) of the Depositor or (ii) violate any applicable law, governmental rule or regulation governing the Depositor or any material portion of its property or any order, judgment or decree applicable to the Depositor or any
material portion of its property; 
 
(f) neither the authorization, execution or delivery by the Depositor of this Trust Agreement nor the consummation of any of the transactions by the Depositor contemplated herein requires the consent or approval of, the giving of
notice to, the 

 

40 

registration with or the taking of any other action with respect to any governmental authority or agency under any existing law governing the
Depositor or any material portion of its property; and 
 
(g) there are no proceedings pending or, to the best of the Depositor’s knowledge, threatened against or affecting the Depositor or any material portion of its property in any court or before any governmental authority,
agency or arbitration board or tribunal that, individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Depositor, as the case may be, to enter into or perform its
obligations under this Trust Agreement. 
 
ARTICLE
VIII. 
 
The Trustees 
 
SECTION 8.1. Number of Trustees. 
 
The number of Trustees shall be five (5), provided, that the
Property Trustee and the Delaware Trustee may be the same Person, in which case the number of Trustees shall be four (4). The number of Trustees may be increased or decreased by Act of the Holder of the Common Securities subject to Sections
8.2, 8.3, and 8.4. The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of an Trustee shall not operate to annul, dissolve or terminate the Trust. 
 
SECTION 8.2. Property Trustee Required. 
 
There shall at all times be a Property Trustee hereunder with
respect to the Trust Securities. The Property Trustee shall be a corporation organized and doing business under the laws of the United States or of any state thereof, authorized to exercise corporate trust powers, having a combined capital and
surplus of at least fifty million dollars ($50,000,000), subject to supervision or examination by federal or state authority and having an office within the United States. If any such Person publishes reports of condition at least annually pursuant
to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 8.2, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Property Trustee shall cease to be eligible in accordance with the provisions of this Section 8.2, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article VIII. 
 
SECTION
8.3. Delaware Trustee Required. 
 
(a) If required by the Delaware Statutory Trust Act, there shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a
resident of the State of Delaware or (ii) a legal entity that has its principal place of business in the State of Delaware, otherwise meets the requirements of applicable Delaware law and shall act through one or more persons authorized to 

 

41 

bind such entity. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section
8.3, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VIII. 
 
(b) The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the
duties and responsibilities, of the Property Trustee or the Administrative Trustees set forth herein. The Delaware Trustee shall be one of the trustees of the Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Delaware Statutory Trust Act and for taking such actions as are required to be taken by a Delaware trustee under the Delaware Statutory Trust Act. The duties (including fiduciary duties), liabilities and obligations of the Delaware Trustee shall
be limited to (a) accepting legal process served on the Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware that the Delaware Trustee is required to
execute under Section 3811 of the Delaware Statutory Trust Act and there shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the Delaware Trustee. 
 
SECTION 8.4. Appointment of Administrative Trustees.

 
(a) There shall at all times be
one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized
to bind that entity. Each of the individuals identified as an “Administrative Trustee” in the preamble of this Trust Agreement hereby accepts his or her appointment as such. 
 
(b) Except where a requirement for action by a specific number of Administrative Trustees is
expressly set forth in this Trust Agreement, any act required or permitted to be taken by, and any power of the Administrative Trustees may be exercised by, or with the consent of, any one such Administrative Trustee. Whenever a vacancy in the
number of Administrative Trustees shall occur, until such vacancy is filled by the appointment of an Administrative Trustee in accordance with Section 8.11, the Administrative Trustees in office, regardless of their number (and
notwithstanding any other provision of this Trust Agreement), shall have all the powers granted to the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
 
SECTION 8.5. Duties and Responsibilities of the Trustees.

 
(a) The rights, immunities,
duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and there shall be no other duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the Trustees; provided, however,
that if an Event of Default known to the Property Trustee has occurred and is continuing, the Property Trustee shall, prior to the receipt of directions, if any, from the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities, exercise such of the rights and powers vested in it by the Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs. Notwithstanding the foregoing, no provision of this Trust Agreement shall require any of the Trustees to expend or risk its own funds or otherwise incur any financial liability in the 

 

42 

performance of any of its duties hereunder, or in the exercise of any of its or their rights or powers, if it or they shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not herein expressly so provided, every provision of this Trust Agreement relating to the conduct or
affecting the liability of or affording protection to the Trustees shall be subject to the provisions of this Section 8.5. To the extent that, at law or in equity, a Trustee has duties and liabilities relating to the Trust or to the Holders,
such Trustee shall not be liable to the Trust or to any Holder for such Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities
of the Trustees otherwise existing at law or in equity, are agreed by the Depositor and the Holders to replace such other duties and liabilities of the Trustees. 
 
(b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the Property Trustee or a Paying Agent to make payments
in accordance with the terms hereof. Each Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided
and that the Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This Section 8.5(b) does not limit the liability of the Trustees
expressly set forth elsewhere in this Trust Agreement. 
 
(c) No provisions of this Trust Agreement shall be construed to relieve the Property Trustee from liability with respect to matters that are within the authority of the Property Trustee under this Trust Agreement for its own
negligent action, negligent failure to act or willful misconduct, except that: 
 
(i) the Property Trustee shall not be liable for any error or judgment made in good faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was
negligent in ascertaining the pertinent facts; 
 
(ii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee hereunder or under the Indenture, or exercising any trust or power conferred upon the Property Trustee under this Trust
Agreement; 
 
(iii) the Property
Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the Notes and the Payment Account shall be to deal with such Property in a similar manner as the Property Trustee deals with similar property for its own
account, subject to the protections and limitations on liability afforded to the Property Trustee under this Trust Agreement; 
 
(iv) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise
agree with the Depositor; and money held by 

 

43 

the Property Trustee need not be segregated from other funds held by it except in relation to the Payment Account maintained by the Property
Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; and 
 
(v) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the
Depositor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of any other Trustee or the Depositor. 
 
SECTION 8.6. Notices of Defaults and Extensions. 
 
(a) Within ninety (90) days after the
occurrence of a default actually known to the Property Trustee, the Property Trustee shall transmit notice of such default to the Holders, the Administrative Trustees and the Depositor, unless such default shall have been cured or waived; provided,
that, except in the case of a default in the payment of the principal of or any premium or interest (including any Additional Interest) on any Trust Security, the Property Trustee shall be fully 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 Property Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Trust
Securities. For the purpose of this Section 8.6, the term “default” means any event that is, or after notice or lapse of time or both would become, an Event of Default. 
 
(b) Within five (5) Business Days after the receipt of notice of the Depositor’s
exercise of its right to defer the payment of interest on the Notes pursuant to the Indenture, the Property Trustee shall transmit, in the manner and to the extent provided in Section 10.8, notice of such exercise to the Holders and the
Administrative Trustees, unless such exercise shall have been revoked. 
 
(c) The Property Trustee shall not be deemed to have knowledge of any Event of Default unless the Property Trustee shall have received written notice thereof from the Depositor, any Administrative
Trustee or any Holder or unless an officer of the Property Trustee charged with the administration of this Trust Agreement shall have obtained actual knowledge of such Event of Default. 
 
(d) The Property Trustee shall notify all Holders of the Preferred Securities of any notice
of default received with respect to the Notes. 
 
SECTION 8.7. Certain Rights of Property Trustee. 
 
Subject to the provisions of Section 8.5: 
 
(a) the Property Trustee may conclusively rely and shall be protected in acting or refraining from acting in good faith and in accordance with the terms hereof upon any resolution, Opinion of Counsel,
certificate, written representation of a Holder or transferee, certificate of auditors or any other resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, appraisal, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 

44 

 
(b) if (i) in performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses of action, (ii) in construing any of the provisions of this Trust Agreement the Property Trustee
finds a provision ambiguous or inconsistent with any other provisions contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as to which the Holders of the
Preferred Securities are entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting the Depositor’s written instruction as to the course of action to be taken and the
Property Trustee shall take such action, or refrain from taking such action, as the Property Trustee shall be instructed in writing to take, or to refrain from taking, by the Depositor; provided, that if the Property Trustee does not receive such
instructions of the Depositor within ten (10) Business Days after it has delivered such notice or such reasonably shorter period of time set forth in such notice, the Property Trustee may, but shall be under no duty to, take such action, or refrain
from taking such action, as the Property Trustee shall deem advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability except for its own negligence, bad faith or willful misconduct; 
 
(c) any direction or act of the Depositor
contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise expressly provided herein; 
 
(d) any direction or act of an Administrative Trustee contemplated by this Trust Agreement shall be sufficiently evidenced
by a certificate executed by such Administrative Trustee and setting forth such direction or act; 
 
(e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument (including
any financing or continuation statement or any filing under tax or securities laws) or any re-recording, re-filing or re-registration thereof; 
 
(f) the Property Trustee may consult with counsel (which counsel may be counsel to the Property Trustee, the Depositor or
any of its Affiliates, and may include any of its employees) and the advice of such 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 and in accordance with such advice; the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 
(g) the Property Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property Trustee reasonable
security or indemnity against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction, including reasonable advances as may be requested
by the Property Trustee; 
 

45 

 
(h) the Property Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval,
bond, debenture, note or other evidence of indebtedness or other paper or document, unless requested in writing to do so by one or more Holders, but the Property Trustee may make such further inquiry or investigation into such facts or matters as it
may see fit, and, if the Property Trustee shall determine to make such inquiry or investigation, it shall be entitled to examine the books, records and premises of the Depositor, personally or by agent or attorney; 
 
(i) the Property Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents, attorneys, custodians or nominees and the Property Trustee shall not be responsible for any negligence or misconduct on the part of any such
agent, attorney, custodian or nominee appointed with due care by it hereunder; 
 
(j) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right hereunder, the Property
Trustee (i) may request instructions from the Holders (which instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the Property Trustee under this Trust
Agreement in respect of such remedy, right or action), (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received and (iii) shall be protected in acting in accordance with such instructions;

 
(k) except as otherwise
expressly provided by this Trust Agreement, the Property Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement; 
 
(l) without prejudice to any other rights available to the Property Trustee under applicable
law, when the Property Trustee incurs expenses or renders services in connection with a Bankruptcy Event, such expenses (including legal fees and expenses of its agents and counsel) and the compensation for such services are intended to constitute
expenses of administration under any bankruptcy law or law relating to creditors rights generally; and 
 
(m) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable that a matter be
proved or established prior to taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence be herein specifically prescribed) may, in the absence or bad faith on its part, request and rely on an Officers’
Certificate which, upon receipt of such request, shall be promptly delivered by the Depositor. 
 
No provision of this Trust Agreement shall be deemed to impose any duty or obligation on any Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on
it, in any jurisdiction in which it shall be illegal, or in which such 

 

46 

Person shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right,
power, duty or obligation. 
 
SECTION 8.8.
Delegation of Power. 
 
Any Trustee may, by power
of attorney consistent with applicable law, delegate to any other natural person over the age of 21 its, his or her power for the purpose of executing any documents contemplated in Section 2.5. The Trustees shall have power to delegate from
time to time to such of their number or to the Depositor the doing of such things and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement. 
 
SECTION 8.9. May Hold Securities. 
 
Any Trustee or any other agent of any Trustee or the Trust, in its individual or any other capacity, may become the owner or pledgee of
Trust Securities and except as provided in the definition of the term “Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have if it were not an Trustee or such other agent. 
 
SECTION 8.10. Compensation; Reimbursement; Indemnity.

 
The Depositor agrees: 
 
(a) to pay to the Trustees from time to time
such reasonable compensation for all services rendered by them hereunder as may be agreed by the Depositor and the Trustees 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); 
 
(b) to
reimburse the Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and
disbursements of their agents and counsel), except any such expense, disbursement or advance as may be attributable to their gross negligence, bad faith or willful misconduct; and 
 
(c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i)
each Trustee, (ii) any Affiliate of any Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Trustee or any Affiliate of any Trustee and (iv) any employee or agent of the Trust (referred to herein as an
“Indemnified Person”) from and against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to Section 8.10(a) or (b) hereof), penalty, expense or claim of any kind or
nature whatsoever incurred without negligence, bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the Trust hereunder, including the advancement of funds to cover the reasonable
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. 
 

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The Trust
shall have no payment, reimbursement or indemnity obligations to the Trustees under this Section 8.10. The provisions of this Section 8.10 shall survive the termination of this Trust Agreement and the earlier removal or resignation of
any Trustee. 
 
No Trustee may claim any Lien on
any Trust Property whether before or after termination of the Trust as a result of any amount due pursuant to this Section 8.10. 
 
In no event shall the Property Trustee and the Delaware Trustee be liable for any indirect, special, punitive or consequential loss or
damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 
In no event shall the Property Trustee and the Delaware
Trustee be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot,
embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by this Trust Agreement. 
 
SECTION 8.11. Resignation and Removal; Appointment of
Successor. 
 
(a) No resignation
or removal of any Trustee and no appointment of a successor Trustee pursuant to this Article VIII shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section
8.12. 
 
(b) A Trustee may
resign at any time by giving written notice thereof to the Depositor and, in the case of the Property Trustee and the Delaware Trustee, to the Holders. 
 
(c) Unless an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or
both of them, may be removed (with or without cause) at any time by Act of the Holder of Common Securities. If an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed
(with or without cause) at such time by Act of the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, delivered to the removed Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee
may be removed (with or without cause) only by Act of the Holder of the Common Securities at any time. 
 
(d) If any Trustee shall resign, be removed or become incapable of acting as Trustee, or if a vacancy shall occur in the
office of any Trustee for any reason, at a time when no Event of Default shall have occurred and be continuing, the Holder of the Common Securities, by Act of the Holder of the Common Securities, shall promptly appoint a successor Trustee or
Trustees, and such successor Trustee and the retiring Trustee shall comply with the applicable requirements of Section 8.12. If the Property Trustee or the Delaware Trustee shall resign, be removed or become incapable of continuing to act as
the Property Trustee or the Delaware Trustee, as the case may be, at a time when an Event of Default shall have occurred and be continuing, the Holders of the Preferred Securities, by Act of the Holders of a Majority in Liquidation Amount of the
Preferred Securities, shall promptly appoint a successor Property Trustee or Delaware Trustee, and such successor Property Trustee or Delaware Trustee and the 

 

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retiring Property Trustee or Delaware Trustee shall comply with the applicable requirements of Section 8.12. If an Administrative
Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when an Event of Default shall have occurred and be continuing, the Holder of the Common Securities by Act of the Holder of Common Securities shall
promptly appoint a successor Administrative Trustee and such successor Administrative Trustee and the retiring Administrative Trustee shall comply with the applicable requirements of Section 8.12. If no successor Trustee shall have been so
appointed by the Holder of the Common Securities or Holders of the Preferred Securities, as the case may be, and accepted appointment in the manner required by Section 8.12 within thirty (30) days after the giving of a notice of resignation
by a Trustee, the removal of a Trustee, or a Trustee becoming incapable of acting as such Trustee, any Holder who has been a Holder of Preferred Securities for at least six (6) months may, on behalf of himself and all others similarly situated, and
any resigning Trustee may, in each case, at the expense of the Depositor, petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 
(e) The Depositor shall give notice of each resignation and each removal of the Property
Trustee or the Delaware Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Holders in the manner provided in Section 10.8. Each notice shall include the name of the successor Property Trustee or Delaware
Trustee and the address of its Corporate Trust Office if it is the Property Trustee. 
 
(f) Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any Administrative Trustee
or a Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holder of Common Securities, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be filled by (i) the unanimous act of
the remaining Administrative Trustees if there are at least two of them or (ii) otherwise by the Holder of the Common Securities (with the successor in each case being a Person who satisfies the eligibility requirement for Administrative Trustees or
Delaware Trustee, as the case may be, set forth in Sections 8.3 and 8.4). 
 
(g) Upon the appointment of a successor Delaware Trustee, such successor Delaware Trustee shall file a Certificate of
Amendment to the Certificate of Trust in accordance with Section 3810 of the Delaware Statutory Trust Act. 
 
SECTION 8.12. Acceptance of Appointment by Successor. 
 
(a) In case of the appointment hereunder of a successor Trustee, each successor Trustee shall
execute and deliver to the Depositor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective 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; but, on request of the Trust or any successor Trustee such retiring Trustee shall, upon payment of its charges, duly assign,
transfer and deliver to such successor Trustee all Trust Property, all proceeds thereof and money held by such retiring Trustee hereunder with respect to the Trust Securities and the Trust. 
 

49 

 
(b) Upon request of any such successor Trustee, the Trust (or the retiring Trustee if requested by the Depositor) shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in the preceding paragraph. 
 
(c) 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 VIII. 
 
SECTION 8.13. Merger, Conversion, Consolidation or Succession
to Business. 
 
Any Person into which the Property
Trustee or the Delaware Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of such Trustee, shall be the successor of such Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided, that such Person
shall be otherwise qualified and eligible under this Article VIII. 
 
SECTION 8.14. Not Responsible for Recitals or Issuance of Securities. 
 
The recitals contained herein and in the Securities Certificates shall be taken as the statements of the Trust and the Depositor, and the Trustees do not assume any responsibility for their
correctness. The Trustees make no representations as to the title to, or value or condition of, the property of the Trust or any part thereof, nor as to the validity or sufficiency of this Trust Agreement, the Notes or the Trust Securities. The
Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Notes. 
 
SECTION 8.15. Property Trustee May File Proofs of Claim. 
 
(a) In case of any Bankruptcy Event (or event that with the passage of time would become a
Bankruptcy Event) relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Trust Securities
shall then be due and payable and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by
intervention in such proceeding or otherwise: 
 
(i) to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of
the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding; and 
 
(ii) to collect and receive any monies or
other property payable or deliverable on any such claims and to distribute the same; 

 

50 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby
authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee first any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
 
(b) Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder
in any such proceeding. 
 
SECTION 8.16. Reports to
and from the Property Trustee. 
 
(a) The Depositor and the Administrative Trustees shall deliver to the Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90)
days after the end of each fiscal year of the Trust ending after the date of this Trust Agreement, an Officers’ Certificate covering the preceding fiscal period, stating whether or not to the knowledge of the signers thereof the Depositor and
the Trust are in default in the performance or observance of any of the terms, provisions and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust
shall be in default, specifying all such defaults and the nature and status thereof of which they have knowledge. 
 
(b) The Depositor shall furnish to (i) the Property Trustee, (ii) Trapeza Manager, Inc. (at 507 Carew Tower, 441 Vine
Street, Cincinnati, Ohio 45202, or such other address as designated by Trapeza Manager, Inc.) and (iii) any Owner of the Preferred Securities reasonably identified to the Depositor and the Trust (which identification may be made either by such Owner
or by Trapeza Manager Inc.), a duly completed and executed certificate in the form attached hereto as Exhibit G, including the attachments referenced in such Exhibit, which certificate and attachments shall be so furnished by the Depositor not later
than forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. 
 
(c) The Property Trustee shall obtain all
reports, certificate and information, which it is entitled to obtain under each of the Operative Documents. 
 
ARTICLE IX. 
 
Termination, Liquidation And Merger 
 
SECTION 9.1. Dissolution Upon Expiration Date. 
 
Unless earlier dissolved, the Trust shall automatically dissolve on March 30, 2038 (the “Expiration Date”), and the Trust Property shall be liquidated in accordance with Section 9.4.

 

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SECTION 9.2.
Early Termination. 
 
The first to occur of any of
the following events is an “Early Termination Event”, upon the occurrence of which the Trust shall be dissolved: 
 
(a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Depositor, in its
capacity as the Holder of the Common Securities, unless the Depositor shall have transferred the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common
Securities; 
 
(b) the written
direction to the Property Trustee from the Holder of the Common Securities at any time to dissolve the Trust and, after satisfaction of any liabilities of the Trust as required by applicable law, to distribute the Notes to Holders in exchange for
the Preferred Securities (which direction is optional and wholly within the discretion of the Holder of the Common Securities), provided, that the Holder of the Common Securities shall have received the prior approval of the Federal Reserve Board if
then required; 
 
(c) the
redemption of all of the Preferred Securities in connection with the payment at maturity or redemption of all the Notes; and 
 
(d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction. 
 
SECTION 9.3. Termination. 
 
The respective obligations and responsibilities of the
Trustees and the Trust shall terminate upon the latest to occur of the following: (a) the distribution by the Property Trustee to Holders of all amounts required to be distributed hereunder upon the liquidation of the Trust pursuant to Section
9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2; (b) the satisfaction of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect to the Trust or the Holders. 
 
SECTION 9.4. Liquidation. 
 
(a) If an Early Termination Event specified in Section 9.2(a), (b) or (d) occurs or upon the Expiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously
as the Property Trustee shall determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Holder a Like Amount of Notes, subject to Section 9.4(d). Notice of
liquidation shall be given by the Property Trustee not less than thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All such
notices of liquidation shall: 
 
(i) state the Liquidation Date; 
 

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(ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Securities Certificates not surrendered for exchange will be deemed to
represent a Like Amount of Notes; and 
 
(iii) provide such information with respect to the mechanics by which Holders may exchange Securities Certificates for Notes, or if Section 9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee shall deem
appropriate. 
 
(b) Except where
Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the Trust and distribution of the Notes to Holders, the Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange
agent, shall establish a record date for such distribution (which shall not be more than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such
procedures as it shall deem appropriate to effect the distribution of Notes in exchange for the Outstanding Securities Certificates. 
 
(c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will
no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Notes will be issued to Holders of Securities Certificates, upon surrender of such Certificates to the exchange agent for exchange, (iii) the Depositor shall use
its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates
not so surrendered for exchange will be deemed to represent a Like Amount of Notes bearing accrued and unpaid interest in an amount equal to the accumulated and unpaid Distributions on such Securities Certificates until such certificates are so
surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Securities Certificates with respect to such Notes) and (v) all rights of Holders holding Trust Securities will cease,
except the right of such Holders to receive Notes upon surrender of Securities Certificates. 
 
(d) Notwithstanding the other provisions of this Section 9.4, if distribution of the Notes in the manner provided
herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound up by the Property Trustee in such manner as the Property Trustee determines. In such event, Holders
will be entitled to receive out of the assets of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such winding up the Liquidation Distribution can be paid only in part because the Trust has
insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation
Amounts). The Holder of the Common Securities will be entitled to receive Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts) with Holders of all Trust Securities, except that, if an Event of Default has
occurred and is continuing, the Preferred Securities shall have a priority over the Common Securities as provided in Section 4.3. 
 

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SECTION 9.5.
Mergers, Consolidations, Amalgamations or Replacements of Trust. 
 
The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to, any Person except pursuant to this Article IX.
At the request of the Holders of the Common Securities, without the consent of the Holders of the Preferred Securities, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to a trust organized as such under the laws of any State; provided, that: 
 
(a) such successor entity either (i) expressly assumes all of the obligations of the Trust under this Trust Agreement with
respect to the Preferred Securities or (ii) substitutes for the Preferred Securities other securities having substantially the same terms as the Preferred Securities (such other Securities, the “Successor Securities”) so long as the
Successor Securities have the same priority as the Preferred Securities with respect to distributions and payments upon liquidation, redemption and otherwise; 
 
(b) a trustee of such successor entity possessing substantially the same powers and duties as the Property Trustee is
appointed to hold the Notes; 
 
(c) if the Preferred Securities or the Notes are rated, such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Preferred Securities or the Notes (including any Successor Securities) to
be downgraded by any nationally recognized statistical rating organization that then assigns a rating to the Preferred Securities or the Notes; 
 
(d) the Preferred Securities are listed, or any Successor Securities will be listed upon notice of issuance, on any
national securities exchange or interdealer quotation system on which the Preferred Securities are then listed, if any; 
 
(e) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the
rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; 
 
(f) such successor entity has a purpose substantially identical to that of the Trust; 
 
(g) prior to such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the effect that (i) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the
rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; (ii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither
the Trust nor such successor entity will be required to register as an “investment company” under the Investment Company Act and (iii) following such merger, consolidation, amalgamation, replacement, conveyance, transfer 

 

54 

or lease, the Trust (or the successor entity) will continue to be classified as a grantor trust for U.S. federal income tax purposes; and

 
(h) the Depositor or its
permitted transferee owns all of the common securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee Agreement. 
 
Notwithstanding the foregoing, the Trust shall not, except
with the consent of Holders of all of the Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any
other entity to consolidate, amalgamate, merge with or into, or replace, the Trust if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the successor entity to be taxable as a corporation
or classified as other than a grantor trust for United States federal income tax purposes or cause the Notes to be treated as other than indebtedness of the Depositor for United States federal income tax purposes. 
 
ARTICLE X. 
 
Miscellaneous Provisions 
 
SECTION 10.1. Limitation of Rights of Holders. 
 
Except as set forth in Section 9.2, the death,
bankruptcy, termination, dissolution or incapacity of any Person having an interest, beneficial or otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor annul, dissolve or terminate the Trust nor entitle the legal
representatives or heirs of such Person or any Holder for such Person, to claim an accounting, take any action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the
rights, obligations and liabilities of the parties hereto or any of them. 
 
SECTION 10.2. Agreed Tax Treatment of Trust and Trust Securities. 
 
The parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Trust Security
intend and agree to treat the Trust as a grantor trust for United States federal, state and local tax purposes, and to treat the Trust Securities (including all payments and proceeds with respect to such Trust Securities) as undivided beneficial
ownership interests in the Trust Property (and payments and proceeds therefrom, respectively) for United States federal, state and local tax purposes. The provisions of this Trust Agreement shall be interpreted to further this intention and
agreement of the parties. 
 
SECTION 10.3.
Amendment. 
 
(a) This Trust
Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Holder of all the Common Securities, without the consent of any Holder of the Preferred Securities, (i) to cure any ambiguity, correct or 

 

55 

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 Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall
be necessary to ensure that the Trust will neither be taxable as a corporation nor be classified as other than a grantor trust for United States federal income tax purposes at all times that any Trust Securities are Outstanding or to ensure that the
Notes are treated as indebtedness of the Depositor for United States federal income tax purposes, or to ensure that the Trust will not be required to register as an “investment company” under the Investment Company Act or (iii) to add to
the covenants, restrictions or obligations of the Depositor; provided, that in the case of clauses (i), (ii) or (iii), such action shall not adversely affect in any material respect the interests of any Holder. 
 
(b) Except as provided in Section
10.3(c), any provision of this Trust Agreement may be amended by the Property Trustee, the Administrative Trustees and the Holder of all of the Common Securities and with (i) the consent of Holders of at least a Majority in Liquidation Amount of
the Preferred Securities and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in accordance with such amendment will not cause the Trust to be taxable as a
corporation or classified as other than a grantor trust for United States federal income tax purposes or affect the treatment of the Notes as indebtedness of the Depositor for United States federal income tax purposes or affect the Trust’s
exemption from status (or from any requirement to register) as an “investment company” under the Investment Company Act. 
 
(c) Notwithstanding any other provision of this Trust Agreement, without the consent of each Holder, this Trust Agreement
may not be amended to (i) change the accrual rate, amount, currency or timing of any Distribution on or the redemption price of the Trust Securities or otherwise adversely affect the amount of any Distribution or other payment required to be made in
respect of the Trust Securities as of a specified date, (ii) restrict or impair the right of a Holder to institute suit for the enforcement of any such payment on or after such date, (iii) reduce the percentage of aggregate Liquidation Amount of
Outstanding Preferred Securities, the consent of whose Holders is required for any such amendment, or the consent of whose Holders is required for any waiver of compliance with any provision of this Trust Agreement or of defaults hereunder and their
consequences provided for in this Trust Agreement; (iv) impair or adversely affect the rights and interests of the Holders in the Trust Property, or permit the creation of any Lien on any portion of the Trust Property; or (v) modify the definition
of “Outstanding,” this Section 10.3(c), Sections 4.1, 4.2, 4.3, 6.10(e) or Article IX. 
 
(d) Notwithstanding any other provision of this Trust Agreement, no Trustee shall enter into or consent to any amendment
to this Trust Agreement that would cause the Trust to be taxable as a corporation or to be classified as other than a grantor trust for United States federal income tax purposes or that would cause the Notes to fail or cease to be treated as
indebtedness of the Depositor for United States federal income tax purposes or that would cause the Trust to fail or cease to qualify for the exemption from status (or from any requirement to register) as an “investment company” under the
Investment Company Act. 
 

56 

 
(e) If any amendment to this Trust Agreement is made, the Administrative Trustees or the Property Trustee shall promptly provide to the Depositor a copy of such amendment. 
 
(f) No Trustee shall be required to enter into any amendment to this Trust Agreement that
affects its own rights, duties or immunities under this Trust Agreement. The Trustees shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this
Trust Agreement and all conditions precedent herein provided for relating to such action have been met. 
 
(g) No amendment or modification to this Trust Agreement that adversely affects in any material respect the rights,
duties, liabilities, indemnities or immunities of the Delaware Trustee hereunder shall be permitted without the prior written consent of the Delaware Trustee. 
 
SECTION 10.4. Separability. 
 
If any provision in this Trust Agreement or in the Securities Certificates 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, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to the
provision at issue. 
 
SECTION 10.5. Governing Law.

 
THIS TRUST AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT
REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS. 
 
SECTION 10.6. Successors. 
 
This
Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Trust and any Trustee, including any successor by operation of law. Except in connection with a transaction involving the Depositor that is
permitted under Article VIII of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign its obligations hereunder. 
 
SECTION 10.7. Headings. 
 
The Article and Section headings are for convenience only and
shall not affect the construction of this Trust Agreement. 
 
SECTION 10.8. Reports, Notices and Demands. 
 
(a) Any report, notice, demand or other communication that by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Holder or the Depositor may be given or
served in writing delivered in person, or by reputable, overnight 

 

57 

courier, by telecopy or by deposit thereof, first-class postage prepaid, in the United States mail, addressed, (a) in the case of a Holder of
Preferred Securities, to such Holder as such Holder’s name and address may appear on the Securities Register; and (b) in the case of the Holder of all the Common Securities or the Depositor, to Hudson United Bancorp, 1000 MacArthur Boulevard,
Mahwah, NJ 07430, Attention: William A. Houlihan, or to such other address as may be specified in a written notice by the Holder of all the Common Securities or the Depositor, as the case may be, to the Property Trustee. Such report, notice, demand
or other communication to or upon a Holder or the Depositor shall be deemed to have been given when received in person, within one (1) Business Day following delivery by overnight courier, when telecopied with receipt confirmed, or within three (3)
Business Days following delivery by mail, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been
delivered on the date of such refusal or inability to deliver. 
 
(b) Any notice, demand or other communication that by any provision of this Trust Agreement is required or permitted to be given or served to or upon the Property Trustee, the Delaware Trustee, the
Administrative Trustees or the Trust shall be given in writing by deposit thereof, first-class postage prepaid, in the U.S. mail, personal delivery or facsimile transmission, addressed to such Person as follows: (a) with respect to the Property
Trustee to The Bank of New York, 101 Barclay Street, New York, New York 10286, Attention: Corporate Trust Administration, facsimile no. (212) 815-5707; (b) with respect to the Delaware Trustee, to The Bank of New York (Delaware), White Clay Center
Route 273, Newark, Delaware 19711, Attention: Corporate Trust Administration, facsimile no. (302) 283-8279; (c) with respect to the Administrative Trustees, to them at the address above for notices to the Depositor, marked “Attention:
Administrative Trustees of Hudson United Capital Trust I”, and (d) with respect to the Trust, to its principal executive office specified in Section 2.2, with a copy to the Property Trustee. Such notice, demand or other communication to
or upon the Trust, the Property Trustee or the Administrative Trustees shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Trust, the Property Trustee or the Administrative Trustees. 
 
SECTION 10.9. Agreement Not to Petition. 
 
Each of the Trustees and the Depositor agree for the benefit
of the Holders that, until at least one year and one day after the Trust has been terminated in accordance with Article IX, they shall not file, or join in the filing of, a petition against the Trust under any Bankruptcy Law or otherwise join
in the commencement of any proceeding against the Trust under any Bankruptcy Law. If the Depositor takes action in violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders, that at the expense of the Depositor,
it shall file an answer with the applicable bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement of such action and raise the defense that the Depositor has agreed in
writing not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as counsel for the Property Trustee or the Trust may assert. 
 

58 

 
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. 
 
[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
 

59 

 
IN WITNESS
WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement as of the day and year first above written. 
 

	 	 	 	 	 [Company],

 as Depositor

	
	 	 	 	 	 	 	 By:
	 	  

	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title:

	
	 THE BANK OF NEW YORK, as
 Property Trustee
	 	 	 	 THE BANK OF NEW YORK (DELAWARE), as
 Delaware Trustee

	
	 By:
	 	  

	 	 	 	 	 	 
	 	 	 Name:
	 	 	 	 	 	 
	 	 	 Title:
	 	 	 	 	 	 
	
	
	 	 	 	

	 	 	 Administrative Trustee
 Name:
	 	 	 	 	 	 Administrative Trustee
 Name:

	
	
	 	 	 	 	 	 
	 	 	 Administrative Trustee
 Name:
	 	 	 	 	 	 

 
Exhibit A

 
CERTIFICATE OF TRUST 
 
OF 
 
Hudson United Capital Trust I 
 
This Certificate of Trust of Hudson United Capital Trust I
(the “Trust”), dated March 27, 2003, is being duly executed and filed on behalf of the Trust by the undersigned, as trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §3801 et seq.)
(the “Act”). 
 
1. Name. The name
of the statutory trust formed by this Certificate of Trust is: Hudson United Capital Trust I. 
 
2. Delaware Trustee. The name and business address of the trustee of the Trust with its principal place of business in the State of Delaware are The Bank of New York (Delaware), White Clay
Center, Route 273, Newark, Delaware 19711, Attention: Corporate Trust Administration. 
 
3. Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware. 
 
IN WITNESS WHEREOF, the undersigned have duly executed this Certificate of Trust in accordance with Section
3811(a)(1) of the Act. 
 

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

	
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 THE BANK OF NEW YORK (DELAWARE), not in its individual capacity, but solely as Delaware
Trustee

	
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

 

A-1 

 
Exhibit B

 
[FORM OF COMMON SECURITIES CERTIFICATE]

 
THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION. THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT 
 

	 Certificate Number
	 	 Number of Common Securities

 
C-

Certificate Evidencing Common Securities 
 
of 
 
Hudson United Capital Trust I 
 
Common Securities 
 
(liquidation amount $1,000 per Common Security) 
 
Hudson United Capital Trust I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies
that                      (the “Holder”) is the registered owner of
                 common securities of the Trust representing undivided common beneficial interests in the assets of the Trust and designated the Hudson United
Capital Trust I Common Securities (liquidation amount $1,000 per Common Security) (the “Common Securities”). Except in accordance with Section 5.11 of the Trust Agreement (as defined below), the Common Securities are not
transferable and, to the fullest extent permitted by law, any attempted transfer hereof other than in accordance therewith shall be void. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Common
Securities are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust, dated as of March
31, 2003, as the same may be amended from time to time (the “Trust Agreement”), among Hudson United Bancorp, as Depositor, The Bank of New York, as Property Trustee, The Bank of New York (Delaware), as Delaware Trustee, the Administrative
Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Trust at its principal place of business or registered
office. 
 
Upon receipt of this certificate, the
Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
 

B-1 

 
This Common
Securities Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. 
 
Terms used but not defined herein have the meanings set forth in the Trust Agreement. 
 
In Witness Whereof, one of the Administrative Trustees of the
Trust has executed on behalf of the Trust this certificate this          day of                 . 
 

	 HUDSON UNITED CAPITAL
TRUST I

	
	 By:
	 	  

	 	 	 Name:

	 	 	 Administrative Trustee

 
 

B-2 

 
Exhibit C

 
[FORM OF PREFERRED SECURITIES CERTIFICATE]

 
“[IF THIS SECURITY IS A GLOBAL SECURITY
INSERT: THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY
IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS
PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 
UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HUDSON UNITED CAPITAL
TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON
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 HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.] 
 
THE
PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
 
THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH
PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR 

 

C-1 

OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN EXEMPTION FROM THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V),
SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE. 
 
THE PREFERRED
SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES OR ANY INTEREST THEREIN IN A BLOCK HAVING AN AGGREGATE LIQUIDATION
AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE,
INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES. 
 
THE HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN BY ITS
ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN
THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF
LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY OR ANY INTEREST THEREIN IS NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN
WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE
BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A 

 

C-2 

PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION. 
 
THIS OBLIGATION IS NOT A DEPOSIT AND
IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”). 
 

C-3 

 

	 Certificate Number
	 	 Preferred Securities

 
CUSIP NO.

 

 
Certificate Evidencing Preferred Securities 
 
of 
 
Hudson United Capital Trust I 
 
Preferred Securities 
(liquidation amount $1,000 per
Preferred Security) 
 
Hudson United Capital Trust
I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that                      (the
“Holder”) is the registered owner of                  Preferred Securities [if the Preferred Security is a Global Security, then insert—,or such
other number of Preferred Securities represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Trust Agreement (as defined below),] of the Trust representing an undivided
preferred beneficial interest in the assets of the Trust and designated the Hudson United Capital Trust I Preferred Securities (liquidation amount $1,000 per Preferred Security) (the “Preferred Securities”). The Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.7 of the Trust Agreement (as defined
below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Preferred Securities are set forth in, and this certificate and the Preferred Securities represented hereby are issued and shall in all
respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Trust, dated as of March 31, 2003, as the same may be amended from time to time (the “Trust Agreement”), among Hudson United Bancorp, a New
Jersey corporation, as Depositor, The Bank of New York, as Property Trustee, The Bank of New York (Delaware), as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Holder is
entitled to the benefits of the Guarantee Agreement entered into by Hudson United Bancorp and The Bank of New York, as Guarantee Trustee, dated as of March 31, 2003, as the same may be amended from time to time (the “Guarantee Agreement”),
to the extent provided therein. The Trust will furnish a copy of each of the Trust Agreement and the Guarantee Agreement to the Holder without charge upon written request to the Property Trustee at its principal place of business or registered
office. 
 
Upon receipt of this certificate, the
Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
 

C-4 

 
This Preferred
Securities Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. 
 
All capitalized terms used but not defined in this Preferred Securities Certificate are used with the meanings specified in the Trust
Agreement, including the Schedules and Exhibits thereto. 
 
In Witness Whereof, one of the Administrative Trustees of the Trust has executed on behalf of the Trust this certificate this      day of
                ,         . 
 

	 HUDSON UNITED CAPITAL
TRUST I

	
	 By:
	 	  

	 	 	 Name:

	 	 	 Administrative Trustee

 
This is one of the Preferred Securities referred to in the within-mentioned Trust Agreement. 
 
Dated: 
 

	 The Bank of New York, not in its individual capacity, but solely as Property Trustee

	
	 By:
	 	  

	 	 	 Authorized officer

 

C-5 

 
[FORM OF
REVERSE OF SECURITY] 
 
The Trust promises to pay
Distributions from March 31, 2003, or from the most recent Distribution Date to which Distributions have been paid or duly provided for, semi-annually (subject to deferral as set forth herein) in arrears on March 30th and September 30th of each year, commencing on September 30, 2003, at a fixed rate per annum equal to 6.85% of the Liquidation Amount of the Preferred Securities represented by this Preferred Securities Certificate through the Distribution
Date in March, 2008 and a variable rate per annum, reset semi-annually, equal to LIBOR plus 3.30% of the Liquidation Amount of the Preferred Securities represented by this Preferred Securities Certificate, thereafter, together with any Additional
Interest Amounts, in respect to such period. 
 
Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and shall be payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment
Account for the payment of such Distributions. 
 
In the event (and to the extent) that the Depositor exercises its right under the Indenture to defer the payment of interest on the Notes, Distributions on the Preferred Securities shall be deferred. 
 
Under the Indenture, so long as no Note Event of Default has
occurred and is continuing, the Depositor shall have the right, at any time and from time to time during the term of the Notes, to defer the payment of interest on the Notes for a period of up to ten (10) consecutive semi-annual interest payment
periods (each such extended interest payment period, an “Extension Period”), during which Extension Period no interest shall be due and payable (except any Additional Tax Sums that may be due and payable). No interest on the Notes shall be
due and payable during an Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest (to the extent payment of such
interest would be legally enforceable) at a fixed rate per annum equal to 6.85% through the Interest Payment Date in March, 2008, and a variable rate per annum, reset semi-annually, equal to LIBOR plus 3.30% thereafter, compounded semi-annually,
from the dates on which amounts would have otherwise been due and payable until paid or until funds for the payment thereof have been made available for payment. If Distributions are deferred, the deferred Distributions (including Additional
Interest Amounts) shall be paid on the date that the related Extension Period terminates to Holders (as defined in the Trust Agreement) of the Trust Securities as they appear on the books and records of the Trust on the record date immediately
preceding such termination date. 
 
Distributions
on the Securities must be paid on the dates payable (after giving effect to any Extension Period) to the extent that the Trust has funds available for the payment of such Distributions in the Payment Account of the Trust. The Trust’s funds
available for Distribution to the Holders of the Preferred Securities will be limited to payments received from the Depositor. The payment of Distributions out of moneys held by the Trust is guaranteed by the Depositor pursuant to the Guarantee
Agreement. 
 

C-6 

 
During any
such Extension Period, the Depositor shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Depositor’s capital stock or (ii) make any payment of
principal of or any interest or premium on or repay, repurchase or redeem any debt securities of the Depositor that rank pari passu in all respects with or junior in interest to the Notes (other than (a) repurchases, redemptions or other
acquisitions of shares of capital stock of the Depositor 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 or consultants, (2) a
dividend reinvestment or stockholder stock purchase plan or (3) the issuance of capital stock of the Depositor (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, (b) as a result of an exchange or conversion of any class or series of the Depositor’s capital stock (or any capital stock of a Subsidiary (as defined in the Indenture) of the Depositor) for any class or
series of the Depositor’s capital stock or of any class or series of the Depositor’s indebtedness for any class or series of the Depositor’s capital stock, (c) the purchase of fractional interests in shares of the Depositor’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any Rights Plan (as defined in the Indenture), the issuance of
rights, stock or other property under any Rights Plan, or the redemption or repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon
exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). 
 
On each Note Redemption Date, on the stated maturity (or any date of principal repayment upon early maturity)
of the Notes and on each other date on (or in respect of) which any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price. Under the Indenture, the Notes may be redeemed by
the Depositor on any Interest Payment Date, at the Depositor’s option, on or after March 30, 2008 in whole or in part from time to time at a redemption price equal to one hundred percent (100%) of the principal amount thereof or the redeemed
portion thereof, as applicable, together, in the case of any such redemption, with accrued interest, including any Additional Interest, to but excluding the date fixed for redemption; provided, that the Depositor shall have received the prior
approval of the Federal Reserve Board if then required. The Notes may also be redeemed by the Depositor, at its option, at any time, in whole but not in part, upon the occurrence of a Capital Disqualification Event, an Investment Company Event or a
Tax Event at the Indenture Redemption Price. 
 
The
Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made
and the Redemption Price shall be payable on each Redemption Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
 
Payments of Distributions (including any Additional Interest
Amounts), the Redemption Price, Liquidation Amount or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United 

 

C-7 

States as may be designated in writing at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless
proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security Register. If any Preferred
Securities are held by a Depositary, such Distributions shall be made to the Depositary in immediately available funds. 
 
The indebtedness evidenced by the Notes 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 (as defined in the Indenture), and this Security is issued subject to the provisions of the Indenture with respect thereto. 
 

C-8 

 
ASSIGNMENT

 
For Value Received, the undersigned assigns and
transfers this Preferred Securities Certificate to: 
 
 
(Insert assignee’s social security or tax identification number) 
 
 
(Insert address and zip code of
assignee) 
 
and irrevocably appoints 
 
agent to transfer this Preferred Securities Certificate on the books of the
Trust. The agent may substitute another to act for him or her. 
 

	 Date:
	  	  

	 Signature:
	  	  

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

 
The signature(s) should
be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
 
 

C-9 

 
Exhibit D

 
Junior Subordinated Indenture 
 

D-1 

 
Exhibit E

 
FORM OF TRANSFEREE CERTIFICATE 
TO BE EXECUTED BY TRANSFEREES OTHER THAN QIBS 
 
                ,
[        ] 
 
Hudson United
Bancorp 
Hudson United Capital Trust I 
1000 MacArthur Boulevard 
Mahwah, NJ 07430 
 

	 	Re:	 	Purchase of $1,000 stated liquidation amount of Preferred Securities (the 

“Preferred Securities”) of Hudson United Capital Trust I 
 
Ladies and Gentlemen: 
 
In connection with our purchase of the Preferred Securities we
confirm that: 
 
1. We understand that the
Preferred Securities (the “Preferred Securities”) of Hudson United Capital Trust I (the “Trust”) (including the guarantee (the “Guarantee”) of Hudson United Bancorp (the “Company”) executed in connection
therewith) and the Junior Subordinated Notes due 2033 of the Company (the “Subordinated Notes”) (the Preferred Securities, the Guarantee and the Subordinated Notes together being referred to herein as the “Offered Securities”),
have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account
for which we are purchasing the Offered Securities that, if we decide to offer, sell or otherwise transfer any such Offered Securities, (i) such offer, sale or transfer will be made only (a) to the Trust, (b) to a person we reasonably believe is a
“qualified institutional buyer” (a “QIB”) (as defined in Rule 144 under the Securities Act) in a transaction meeting the requirements of Rule 144A, (c) to an institutional “accredited investor” within the meaning of
subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities Act that is acquiring Offered Securities for its own account, or for the account of such an “accredited investor,” for investment purposes and not with a view to, or
for offer or sale in connection with, any distribution thereof in violation of the Securities Act, (d) pursuant to an effective registration statement under the Securities Act, or (e) pursuant to an exemption from the Securities Act, in each case in
accordance with any applicable securities laws of any state of the United States or any other applicable jurisdiction and, in the case of (c) or (e), subject to the right of the Trust and the depositor to require an opinion of counsel and other
information satisfactory to each of them. The foregoing restrictions on resale will not apply subsequent to the date on which, in the written opinion of counsel, the Preferred Securities are not “restricted securities” within the meaning
of Rule 144 under the Securities Act. If any resale or other transfer of the Offered Securities is proposed to be made pursuant to clause (c) or (e) above, the transferor shall deliver a letter from the transferee substantially in the form of this
letter to the Property Trustee as Transfer Agent, which shall provide as applicable, among other things, that the transferee is an “accredited investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the
Securities Act that is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. We acknowledge on our behalf and on behalf of any investor account for which we are purchasing Securities that

 

E-1 

the Trust and the Company reserve the right prior to any offer, sale or other transfer pursuant to clause (c) or (e) to require the delivery
of any opinion of counsel, certifications and/or other information satisfactory to the Trust and the Company. We understand that the certificates for any Offered Security that we receive will bear a legend substantially to the effect of the
foregoing. 
 
2. We are an “accredited
investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities Act purchasing for our own account or for the account of such an “accredited investor,” and we are acquiring the Offered Securities
for investment purposes and not with view to, or for offer or sale in connection with, any distribution in violation of the Securities Act, and we have such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of our investment in the Offered Securities, and we and any account for which we are acting are each able to bear the economic risks of our or its investment. 
 
3. We are acquiring the Offered Securities purchased by us for our own account (or for one or more accounts
as to each of which we exercise sole investment discretion and have authority to make, and do make, the statements contained in this letter) and not with a view to any distribution of the Offered Securities, subject, nevertheless, to the
understanding that the disposition of our property will at all times be and remain within our control. 
 
4. In the event that we purchase any Preferred Securities or any Subordinated Notes, we will acquire such Preferred Securities having an
aggregate stated liquidation amount of not less than $100,000 or such Subordinated Notes having an aggregate principal amount not less than $100,000, for our own account and for each separate account for which we are acting. 
 
5. We acknowledge that we either (A) are not a fiduciary of a
employee benefit, individual retirement account or other plan or arrangement subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended
(the “Code”) (each a “Plan”), or an entity whose underlying assets include “plan assets” by reason of any Plan’s investment in the entity, and are not purchasing the Offered Securities on behalf of or with
“plan assets” by reason of any Plan’s investment in the entity, (B) are eligible for the exemptive relief available under one or more of the following prohibited transaction class exemptions (“PTCEs”) issued by the U.S.
Department of Labor: PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 or another applicable exemption, or (C) our purchase and holding of this security, or any interest therein, is not prohibited by Section 406 of ERISA or Section 4975 of the Code with
respect to such purchase or holding. 
 
6. We
acknowledge that the Trust and the Company and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations, warranties and agreements and agree that if any of the acknowledgments, representations, warranties and
agreements deemed to have been made by our purchase of the Offered Securities are no longer accurate, we shall promptly notify the Company. If we are acquiring any Offered Securities as a fiduciary or agent for one or more investor accounts, we
represent that we have sole discretion with respect to each such investor account and that we have full power to make the foregoing acknowledgments, representations and agreement on behalf of each such investor account. 
 

E-2 

 

	 (Name of Purchaser)

	
	 By:
	 	  

	 Date:
	 	  

 
Upon transfer, the Offered Securities would be registered in the name of the new beneficial owner as follows. 
 
Name:
                                        
   
 
Address:
                                      
 
Taxpayer ID Number:
                 
 

E-3 

 
Exhibit F

 
FORM OF TRANSFEROR CERTIFICATE 
TO BE EXECUTED FOR QIBs 
 
                ,
[        ] 
 
Hudson United
Bancorp 
Hudson United Capital Trust I 
1000 MacArthur Boulevard 
Mahwah, NJ 07430 
 

	 	Re:	 	Purchase of $1,000 stated liquidation amount of Preferred Securities (the 

“Preferred Securities”) of Hudson United Capital Trust I 
 
Reference is hereby made to the Amended and Restated Trust
Agreement of Hudson United Capital Trust I, dated as of March 31, 2003 (the “Trust Agreement”), among William A. Houlihan, D. Lynn Van Borkulo-Nuzzo and Richard Alban, as Administrative Trustees, The Bank of New York (Delaware), as
Delaware Trustee, The Bank of New York, as Property Trustee, Hudson United Bancorp, as Depositor, and the holders from time to time of undivided beneficial interests in the assets of Hudson United Capital Trust I. Capitalized terms used but not
defined herein shall have the meanings given them in the Trust Agreement. 
 
This letter relates to $                             aggregate liquidation
amount of Preferred Securities which are held in the name of                          (the “Transferor”).

 
In accordance with Article V of the Trust
Agreement, the Transferor hereby certifies that such Preferred Securities are being transferred in accordance with (i) the transfer restrictions set forth in the Preferred Securities and (ii) Rule 144A under the Securities Act (“Rule
144A”), to a transferee that the Transferor reasonably believes is purchasing the Preferred Securities for its own account or an account with respect to which the transferee exercises sole investment discretion and the transferee and any such
account is a “qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements of Rule 144A and in accordance with applicable securities laws of any state of the United States or any other
jurisdiction. 
 
You are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
 

	 (Name of Transferor)

	
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

Date:                         
 

F-1 

 
Exhibit G

 
Officer’s Certificate 
 
The undersigned, the [Chief Financial Officer] [Treasurer]
[Executive Vice President] hereby certifies, pursuant to Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of March 31, 2003, among Hudson United Bancorp (the “Company”), The Bank of New York, as property trustee, The
Bank of New York (Delaware), as Delaware trustee and the administrative trustees named therein, that, as of [date], [20    ], the Company had the following ratios and balances: 
 
BANK HOLDING COMPANY 
As of [Quarterly Financial Dates] 
 

	
	 Tier 1 Risk Weighted Assets
	  	  
	                   %

	
	 Ratio of Double Leverage
	  	  
	                  %

	
	 Non-Performing Assets to Loans and OREO
	  	  
	                  %

	
	 Tangible Common Equity as a Percentage of Tangible Assets
	  	  
	                  %

	
	 Ratio of Reserves to Non-Performing Loans
	  	  
	                  %

	
	 Ratio of Net Charge-Offs to Loans
	  	  
	                  %

	
	 Return on Average Assets (annualized)
	  	  
	                  %

	
	 Net Interest Margin (annualized)
	  	  
	                  %

	
	 Efficiency Ratio
	  	  
	                  %

	
	 Ratio of Loans to Assets
	  	  
	                  %

	
	 Ratio of Loans to Deposits
	  	  
	                  %

	
	 Double Leverage (exclude trust preferred as equity)
	  	  
	                  %

	
	 Total Assets
	  	 $
	                     

	
	 Year to Date Income
	  	 $
	                      

	*	 	A table describing the quarterly report calculation procedures is provided on page      

 
Attached hereto are the [audited] [unaudited] consolidated and
consolidating financial statements (including the balance sheet, income statement and, for year-end statements, notes thereto) of the Company and its consolidated subsidiaries for the [fiscal year] [fiscal quarter] ended [date],
20    , which financial statements fairly present in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position of the Company and its consolidated
subsidiaries, and the results of operations and changes in financial condition as of the date, and for the [         quarter interim] [annual] period ended [date], 20    , and
such financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein). 
 

G-1 

 
IN WITNESS
WHEREOF, the undersigned has executed this Officer’s Certificate as of this              day of
                , 20     
 
 

	  

	 Name:

	 Title:

	
	 Hudson United Bancorp

	 1000 MacArthur Boulevard

	 Mahwah, New Jersey07430

	 (201) 236-2804

 
 

G-2 

 
Financial
Definitions 
 

	 Report Item

	  	 Corresponding FRY-9C or LP Line Items with Line
Item corresponding
Schedules

	  	 Description of Calculation

	
	 Tier 1 Risk Weighted Assets
	  	 BHCK7206
 Schedule HC-R
	  	 Tier 1 Risk Ratio: Core Capital (Tier 1)/ Risk-Adjusted Assets

	
	 Ratio of Double Leverage
	  	 (BHCP0365)/(BCHCP3210)
 Schedule PC in the LP
	  	 Total equity investments in subsidiaries divided by the total equity capital. This field is calculated at the parent
company level. “Subsidiaries” include bank, bank holding company, and non-bank subsidiaries.

	
	 Non-Performing Assets to Loans and OREO
	  	 (BHCK5525-BHCK3506+BHCK5526-BHCK3507+BHCK2744)/(BHCK2122+BHCK2744) Schedules HC-C, HC-M & HC-N
	  	 Total Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual & Repossessed Assets)/Total Loans+Foreclosed
Real Estate

	
	 Tangible Common Equity as a Percentage of Tangible Assets
 

	  	 (BHDM3210-BHCK3163)/(BHCK2170-BHCK3163)
  
 Schedule HC
	  	 (Equity Capital – Goodwill)/(Total Assets – Goodwill)

	
	 Ratio of Reserves to Non-Performing Loans
 

	  	 (BHCK3123+BHCK3128)/(BHCK5525-BHCK3506+BHCK5526-BHCK3507)
  
 Schedules HC & HC-N & HC-R
	  	 Total Loan Loss and Allocated Transfer Risk Reserves/ Total Nonperforming Loans (Nonaccrual +
Restructured)

	
	 Ratio of Net Charge-Offs to Loans
 

	  	 (BHCK4635-BHCK4605)/(BHCK3516)
  

Schedules HC-B & HC-K
	  	 Net charge offs for the period as a percentage of average loans.

	
	 Return on Average Assets (annualized)
 

	  	 (BHCK4340/BHCK3368)
  
 Schedules HI & HC-K
	  	 Net Income as a percentage of Assets.

	
	 Net Interest Margin (annualized)
 

	  	 (BHCK4519)/(BHCK3515+BHCK3365+BHCK3516+BHCK3401+BHCKB985)
  
 Schedules HI Memorandum and HC-K
	  	 (Net Interest Income Fully Taxable Equivalent, if available/Average Earning Assets)

	
	 Efficiency Ratio
 

	  	 (BHCK4093)/(BHCK4519+BHCK4079)
  

Schedule HI
	  	 (Non-interest Expense)/(Net Interest Income Fully Taxable Equivalent, if available, plus Non-interest
Income)

	
	 Ratio of Loans to Assets
 

	  	 (BHCKB528+BHCK5369)/(BHCK2170)
  

Schedule HC
	  	 Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Assets

	
	 Ratio of Loans to Deposits
 

	  	 (BHCKB528+BHCK5369)/(BHDM6631+BHDM6636+BHFN6631+BHFN6636)
  
 Schedule HC
	  	 Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Deposits (Includes Domestic and Foreign
Deposits)

 

G-3 

	 Total Assets
 

	  	 (BHCK2170)
  
 Schedule HC
	  	 The sum of total assets. Includes cash and balances due from depository institutions; securities; federal funds sold and
securities purchased under agreements to resell; loans and lease financing receivables; trading assets; premises and fixed assets; other real estate owned; investments in unconsolidated subsidiaries and associated companies; customer’s
liability on acceptances outstanding; intangible assets; and other assets.

	
	 Net Income
 

	  	 (BHCK4300)
  
 Schedule HI
	  	 The sum of income (loss)before extraordinary items and other adjustments and extraordinary items; and other adjustments,
net of income taxes.

 
 

G-4 

Schedule A 
 
With respect to the Trust Securities, the London interbank offered rate (“LIBOR”) shall be
determined by the Calculation Agent in accordance with the following provisions (in each case rounded to the nearest .000001%): 
 
(1) On the second LIBOR Business Day (as defined below) prior to a Distribution Date (except, with respect to the first
distribution payment date, on to March 27, 2003) (each such day, a “LIBOR Determination Date”), LIBOR for any given security shall, for the following distribution period, equal the rate, as obtained by the Calculation Agent from Bloomberg
Financial Markets Commodities News, for six-month Eurodollar deposits that appears on Dow Jones Telerate Page 3750 (as defined in the International Swaps and Derivatives Association, Inc. 1991 Interest Rate and Currency Exchange Definitions), or
such other page as may replace such Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date. 
 
(2) If, on any LIBOR Determination Date, such rate does not appear on Dow Jones Telerate Page 3750 or such other page as
may replace such Page 3750, the Calculation Agent shall determine the arithmetic mean of the offered quotations of the Reference Banks (as defined below) to leading banks in the London interbank market for six-month Eurodollar deposits in an amount
determined by the Calculation Agent by reference to requests for quotations as of approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination Date, at
least two of the Reference Banks provide such quotations, LIBOR shall equal such arithmetic mean of such quotations. If, on any LIBOR Determination Date, only one or none of the Reference Banks provide such quotations, LIBOR shall be deemed to be
the arithmetic mean of the offered quotations that leading banks in the City of New York selected by the Calculation Agent are quoting on the relevant LIBOR Determination Date for six-month Eurodollar deposits in an amount determined by the
Calculation Agent by reference to the principal London offices of leading banks in the London interbank market; provided, that if the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures
provided above, LIBOR shall be LIBOR as determined on the previous LIBOR Determination Date. 
 
(3) As used herein: “Reference Banks” means four major banks in the London interbank market selected by the
Calculation Agent; and “LIBOR Business Day” means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London. 
 

Schedule A-1Purchase Agreement

 
Exhibit 10(h)

 
PURCHASE AGREEMENT 
($20,000,000 Trust Preferred Securities) 
 
THIS PURCHASE AGREEMENT, dated as of March 31, 2003, is entered into among Hudson United Bancorp, a New Jersey corporation (the
“Company”), Hudson United Capital Trust I, a Delaware statutory trust (the “Trust,” and together with the Company, the “Sellers”), and Trapeza CDO II, LLC (including any assignee, the
“Purchaser”). 
 
WITNESSETH:

 
WHEREAS, the Sellers propose to issue and sell
20,000 Preferred Securities of the Trust, having a stated liquidation amount of $1,000 per security, bearing a fixed rate per annum equal to 6.85% through the interest payment date in March, 2008, and a variable rate per annum, reset semi-annually,
equal to LIBOR plus 3.30% thereafter (the “Preferred Securities”); 
 
WHEREAS, the Preferred Securities will be guaranteed by the Company (the “Guarantee”) pursuant to the Guarantee Agreement (the “Guarantee Agreement”), dated as of the
Closing Date (defined below), and executed and delivered by the Company and The Bank of New York, a New York banking corporation, as trustee (in such capacity, the “Guarantee Trustee”), for the benefit of the holders from time to
time of the Preferred Securities; 
 
WHEREAS, the
entire proceeds from the sale of the Preferred Securities will be combined with the entire proceeds from the sale by the Trust to the Company of its common securities (the “Common Securities”), and will be used by the Trust to
purchase $20,000,000 in principal amount of the unsecured junior subordinated deferrable interest notes of the Company (the “Junior Subordinated Notes”); 
 
WHEREAS, the Preferred Securities and the Common Securities for the Trust will be issued pursuant to the
Amended and Restated Trust Agreement (the “Trust Agreement”), dated as of the Closing Date, among the Company, as depositor, The Bank of New York, a New York banking corporation, as property trustee (in such capacity, the
“Property Trustee”), The Bank of New York (Delaware), a Delaware banking corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”), the Administrative Trustees named therein (in such
capacities, the “Administrative Trustees”) and the holders from time to time of undivided beneficial interests in the assets of the Trust; and 
 
WHEREAS, the Junior Subordinated Notes will be issued pursuant to a Junior Subordinated Indenture, dated as of the Closing Date (the
“Indenture”), between the Company and The Bank of New York, a New York banking corporation, as indenture trustee (in such capacity, the “Indenture Trustee”). 
 
NOW, THEREFORE, in consideration of the mutual agreements and
subject to the terms and conditions herein set forth, the parties hereto agree as follows: 

 
1.    Definitions.    The Preferred Securities, the Common Securities and the Junior Subordinated Notes are collectively referred to herein as the “Securities.” This
Purchase Agreement, the Indenture, the Trust Agreement, the Guarantee and the Securities are collectively referred to herein as the “Operative Documents.” All other capitalized terms used but not defined in this Purchase Agreement
shall have the meanings ascribed thereto in the Indenture. 
 
2.    Purchase and Sale of the Preferred Securities. 
 
(a)  The Sellers agree to sell to the Purchaser, and the Purchaser agrees to purchase from the Sellers the Preferred Securities for an amount (the “Purchase Price”) equal to
$20,000,000 less the 3.0% Discount (the “Discount”). In view of the fact that the proceeds of the sale of the Preferred Securities and the Common Securities will be used to purchase the Junior Subordinated Notes of the Company, the
Discount will be netted from the payment made by the Purchaser to the Trust for the sale of the Preferred Securities and will be netted by the Trust from the amount paid to the Company for the sale of the Junior Subordinated Notes. The Purchaser
shall be responsible for the following expenses: (i) rating agency costs and expenses and (ii) any fee payable to the Company’s introducing agent; provided, that such introducing agent has an agreement with the Purchaser, but excluding
the fees and expenses set forth in Section 7 hereof. The Sellers shall use the Purchase Price, together with the proceeds from the sale of the Common Securities, to purchase the Junior Subordinated Notes. 
 
(b)  Delivery or transfer of, and payment for, the
Preferred Securities shall be made at 10:00 A.M. Chicago time (11:00 A.M. New York time), on March 31, 2003, or such later date (not later than May 1, 2003) as the parties may designate (such date and time of delivery and payment for the Preferred
Securities being herein called the “Closing Date”). The Preferred Securities shall be transferred and delivered to the Purchaser against the payment of the Purchase Price to the Sellers made by wire transfer in immediately available
funds on the Closing Date to a U.S. account designated in writing by the Company at least two business days prior to the Closing Date. 
 
(c)  Delivery of the Preferred Securities shall be made at such location, and in such names and denominations, as the Purchaser
shall designate at least two business days in advance of the Closing Date. The Company and the Trust agree to have the Preferred Securities available for inspection and checking by the Purchaser in New York, New York, not later than 1:00 P.M.,
Chicago time (2:00 P.M. New York time), on the business day prior to the Closing Date. The closing for the purchase and sale of the Preferred Securities shall occur at the offices of Thacher Proffitt & Wood, 11 West 42nd Street, New York, New York 10036, or such other place as the parties hereto shall agree. 
 
3.    Conditions.    The obligations of the parties under this Purchase Agreement are subject to the following conditions: 
 
(a)  the representations and warranties contained herein shall be accurate as of the date of
delivery of the Preferred Securities. 
 
(b)  [Reserved.] 
 

2 

 
(c)  (i) Thacher Proffitt & Wood, special counsel for the Purchaser, shall have delivered an opinion, dated the Closing Date, addressed to the Purchaser (and such other affiliates of the Purchaser as the Purchaser shall
designate), in substantially the form set out in Annex A-1 hereto and (ii) the Company shall have furnished to the Purchaser the opinion of the Company’s General Counsel or, if the Company does not have a General Counsel, a certificate signed
by the Company’s Chief Executive Officer, President or an Executive Vice President and its Chief Financial Officer, Treasurer or Assistant Treasurer, dated the Closing Date, addressed to the Purchaser (and such other affiliates of the Purchaser
as the Purchaser shall designate), in substantially the form set out in Annex A-II hereto. 
 
(d)  The Purchaser shall have been furnished the opinion of Thacher Proffitt & Wood, special tax counsel for the Purchaser, dated the Closing Date, addressed to the Purchaser (and such
other affiliates of the Purchaser as the Purchaser shall designate), in substantially the form set out in Annex B hereto. 
 
(e)  The Purchaser shall have received the opinion of Richards, Layton & Finger, P.A., special Delaware counsel for the
Purchaser, dated the Closing Date, addressed to the Purchaser (and such other affiliates of the Purchaser as the Purchaser shall designate)and the Company, in substantially the form set out in Annex C hereto. 
 
(f)  The Purchaser shall have received the opinion
of White & Case, special counsel for the Guarantee Trustee, the Property Trustee, the Indenture Trustee and the Delaware Trustee, dated the Closing Date, addressed to the Purchaser (and such other affiliates of the Purchaser as the Purchaser
shall designate), in substantially the form set out in Annex D hereto. 
 
(g)  The Purchaser shall have received the opinion of Richards, Layton & Finger, P.A., special Delaware counsel for the Purchaser, dated the Closing Date, addressed to the Purchaser (and such other affiliates
of the Purchaser as the Purchaser shall designate), in substantially the form set out in Annex E hereto. 
 
(h)  The Company shall have furnished to the Purchaser a certificate of the Company, signed by the Chief Executive Officer,
President or an Executive Vice President and by the Chief Financial Officer, Treasurer or Assistant Treasurer of the Company, and the Trust shall have furnished to the Purchaser a certificate of the Trust, signed by an Administrative Trustee of the
Trust, in each case dated the Closing Date, and, in the case of the Company, as to (i) and (ii) below and, in the case of the Trust, as to (i) below. 
 
(i)  the representations and warranties in this Purchase Agreement are true and correct on and as of the Closing
Date with the same effect as if made on the Closing Date, and the Company and the Trust have complied with all the agreements and satisfied all the conditions on either of their part to be performed or satisfied at or prior to the Closing Date; and

 
(ii)  since the date
of the Interim Financial Statements (as defined below), there has been no material adverse change in the condition (financial or other), earnings, business or assets of the Company and its subsidiaries, whether or not arising from transactions
occurring in the ordinary course of business. 
 

3 

 
(i)  Subsequent to the execution of this Purchase Agreement, there shall not have been any change, or any development involving a prospective change, in or affecting the condition (financial or other), earnings, business or
assets of the Company and its subsidiaries, whether or not occurring in the ordinary course of business, the effect of which is, in the Purchaser’s judgment, so material and adverse as to make it impractical or inadvisable to proceed with the
purchase of the Preferred Securities. 
 
(j)  Prior to the Closing Date, the Company and the Trust shall have furnished to the Purchaser and its counsel such further information, certificates and documents as the Purchaser or its counsel may reasonably request.

 
If any of the conditions specified in this
Section 3 shall not have been fulfilled when and as provided in this Purchase Agreement, or if any of the opinions, certificates and documents mentioned above or elsewhere in this Purchase Agreement shall not be reasonably satisfactory in form and
substance to the Purchaser or its counsel, this Purchase Agreement and all the Purchaser’s obligations hereunder may be canceled at, or at any time prior to, the Closing Date by the Purchaser. Notice of such cancellation shall be given to the
Company and the Trust in writing or by telephone or facsimile confirmed in writing. 
 
Each certificate signed by any trustee of the Trust or any officer of the Company and delivered to the Purchaser or the Purchaser’s counsel in connection with the Operative Documents and the
transactions contemplated hereby and thereby shall be deemed to be a representation and warranty of the Trust and/or the Company, as the case may be, and not by such trustee or officer in any individual capacity. 
 
4.    Representations and Warranties of
the Company and the Trust.    The Company and the Trust jointly and severally represent and warrant to, and agree with the Purchaser, as follows: 
 
(a)  Neither the Company nor the Trust, nor any of their “Affiliates” (as defined in Rule
501(b) of Regulation D under the Securities Act (as defined below) (“Regulation D”)), nor any person acting on its or their behalf, has, directly or indirectly, made offers or sales of any security, or solicited offers to buy any
security, under circumstances that would require the registration of any of the Securities under the Securities Act of 1933, as amended (the “Securities Act”). 
 
(b)  Neither the Company nor the Trust, nor any of their Affiliates, nor any person acting on its
or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of any of the Securities. 
 
(c)  The Securities (i) are not and have not been listed on a national securities exchange
registered under section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or quoted on a U.S. automated inter-dealer quotation system and (ii) are not of an open-end investment company, unit investment
trust or face-amount certificate company that 
 

4 

 
are, or are required to be,
registered under section 8 of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the Securities otherwise satisfy the eligibility requirements of Rule 144A(d)(3) promulgated pursuant to the Securities
Act (“Rule 144A(d)(3)”). 
 
(d)  Neither the Company nor the Trust, nor any of their Affiliates, nor any person acting on its or their behalf, has engaged, or will engage, in any “directed selling efforts” within the meaning of Regulation S
under the Securities Act with respect to the Securities. 
 
(e)  Neither the Company nor the Trust is, and, immediately following consummation of the transactions contemplated hereby and the application of the net proceeds therefrom, will not be, an “investment company” or
an entity “controlled” by an “investment company,” in each case within the meaning of section 3(a) of the Investment Company Act. 
 
(f)  Neither the Company nor the Trust has paid or agreed to pay to any person any compensation for soliciting another to
purchase any of the Securities, except for the Discount and/or any fee payable to the Company’s introducing agent, provided, that such introducing agent has an agreement with the Purchaser. 
 
(g)  The Trust has been duly created and is validly
existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. §3801, et seq. (the “Statutory Trust Act”) with all requisite power and authority to own property and to conduct the
business it transacts and proposes to transact and to enter into and perform its obligations under the Operative Documents to which it is a party. The Trust is duly qualified to transact business as a foreign entity and is in good standing in each
jurisdiction in which such qualification is necessary, except where the failure to so qualify or be in good standing would not have a material adverse effect on the condition (financial or otherwise), earnings, business or assets of the Trust,
whether or not occurring in the ordinary course of business. The Trust is not a party to or otherwise bound by any agreement other than the Operative Documents. The Trust is and will be, under current law, classified for federal income tax purposes
as a grantor trust and not as an association or publicly traded partnership taxable as a corporation. 
 
(h)  The Trust Agreement has been duly authorized by the Company and, on the Closing Date specified in Section 2(b), will have
been duly executed and delivered by the Company and the Administrative Trustees of the Trust, and, assuming due authorization, execution and delivery by the Property Trustee and the Delaware Trustee, will be a legal, valid and binding obligation of
the Company and the Administrative Trustees, enforceable against them in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity. Each of
the Administrative Trustees of the Trust is an employee of the Company or one of its subsidiary banks and has been duly authorized by the Company to execute and deliver the Trust Agreement. 
 
(i)  Each of the Guarantee and the Indenture has
been duly authorized by the Company and, on the Closing Date, will have been duly executed and delivered by the Company, and, assuming due authorization, execution and delivery by the Guarantee Trustee, in the case of the Guarantee, and by the
Indenture Trustee, in the case of the Indenture, will be a legal, valid 
 

5 

 
and binding obligation of the
Company enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity. 
 
(j)  The Preferred Securities and the Common
Securities have been duly authorized by the Trust and, when issued and delivered against payment therefor on the Closing Date in accordance with this Purchase Agreement, in the case of the Preferred Securities, and in accordance with the Common
Securities Subscription Agreement between the Company and the Trust, dated as of the Closing Date, in the case of the Common Securities, will be validly issued, fully paid and non-assessable and will represent undivided beneficial interests in the
assets of the Trust entitled to the benefits of the Trust Agreement, enforceable against the Trust in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to
general principles of equity. The issuance of the Securities is not subject to any preemptive or other similar rights. On the Closing Date, all of the issued and outstanding Common Securities will be directly owned by the Company free and clear of
any pledge, security interest, claim, lien or other encumbrance (each, a “Lien”). 
 
(k)  The Junior Subordinated Notes have been duly authorized by the Company and, on the Closing Date, will have been duly
executed and delivered to the Indenture Trustee for authentication in accordance with the Indenture and, when authenticated in the manner provided for in the Indenture and delivered to the Trust against payment therefor in accordance with the Junior
Subordinated Note Subscription Agreement between the Company and the Trust, dated as of the Closing Date, will constitute legal, valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company
in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity. 
 
(l)  This Purchase Agreement has been duly authorized, executed and delivered by the Company and
the Trust. 
 
(m)  Neither the issue and
sale of the Common Securities, the Preferred Securities or the Junior Subordinated Notes, nor the purchase of the Junior Subordinated Notes by the Trust, nor the execution and delivery of and compliance with the Operative Documents by the Company or
the Trust, nor the consummation of the transactions contemplated herein or therein, (i) will conflict with or constitute a violation or breach of the Trust Agreement or the charter or bylaws of the Company or any subsidiary of the Company or any
applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, governmental authority, agency or instrumentality or court, domestic or foreign, having jurisdiction over the Trust or the Company or any of its
subsidiaries or their respective properties or assets (collectively, “Governmental Entities”), (ii) will conflict with or constitute a violation or breach of, or a default or Repayment Event (as defined below) under, or result in
the creation or imposition of any Lien upon any property or assets of the Trust, the Company or any of the Company’s subsidiaries pursuant to, any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to
which (A) the Trust, the Company or any of its subsidiaries is a party or by which it or any of them may be bound, or (B) to which any of the property or assets of any of them is subject, or any judgment, order or decree of any court, 
 

6 

 
governmental authority or
arbitrator, except, in the case of this clause (ii), for such conflicts, breaches, violations, defaults, Repayment Events (as defined below) or Liens which (X) would not, singly or in the aggregate, adversely affect the consummation of the
transactions contemplated by the Operative Documents and (Y) would not, singly or in the aggregate, have a material adverse effect on the condition (financial or otherwise), earnings, business, liabilities and assets (taken as a whole) or business
prospects of the Company and its subsidiaries taken as a whole, whether or not occurring in the ordinary course of business (a “Material Adverse Effect”) or (iii) require the consent, approval, authorization or order of any court or
Governmental Entity. As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to
require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Trust or the Company or any of its subsidiaries prior to its scheduled maturity. 
 
(n)  The Company has been duly incorporated and is validly existing as a corporation in good
standing under the laws of New Jersey, with all requisite corporate power and authority to own, lease and operate its properties and conduct the business it transacts and proposes to transact, and is duly qualified to transact business and is in
good standing as a foreign corporation in each jurisdiction where the nature of its activities requires such qualification, except where the failure of the Company to be so qualified would not, singly or in the aggregate, have a Material Adverse
Effect. 
 
(o)  The Company has no
subsidiaries that are material to its business, financial condition or earnings other than those subsidiaries listed in Schedule 1 attached hereto (the “Significant Subsidiaries”). Each Significant Subsidiary has been duly
incorporated and is validly existing as a corporation in good standing under the laws of the jurisdiction in which it is chartered or organized, with all requisite corporate power and authority to own, lease and operate its properties and conduct
the business it transacts and proposes to transact. Each Significant Subsidiary is duly qualified to transact business and is in good standing as a foreign corporation in each jurisdiction where the nature of its activities requires such
qualification, except where the failure to be so qualified would not, singly or in the aggregate, have a Material Adverse Effect. 
 
(p)  Each of the Trust, the Company and each of the Company’s subsidiaries hold all necessary approvals, authorizations,
orders, licenses, certificates and permits (collectively, “Government Licenses”) of and from Governmental Entities necessary to conduct their respective businesses as now being conducted, and neither the Trust, the Company nor any
of the Company’s subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Government License, except where the failure to be so licensed or approved or the receipt of an unfavorable decision,
ruling or finding, would not, singly or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity or the failure of such Governmental Licenses to be in full
force and effect, would not, singly or in the aggregate, have a Material Adverse Effect; and the Company and its subsidiaries are in compliance with all applicable laws, rules, regulations, judgments, orders, decrees and consents, except where the
failure to be in compliance would not, singly or in the aggregate, have a Material Adverse Effect. 
 

7 

 
(q)  All of the issued and outstanding shares of capital stock of the Company and each of its subsidiaries are validly issued, fully paid and non-assessable; all of the issued and outstanding capital stock of each
subsidiary of the Company is owned by the Company, directly or through subsidiaries, free and clear of any Lien, claim or equitable right; and none of the issued and outstanding capital stock of the Company or any subsidiary was issued in violation
of any preemptive or similar rights arising by operation of law, under the charter or by-laws of such entity or under any agreement to which the Company or any of its subsidiaries is a party. 
 
(r)  Neither the Company nor any of its subsidiaries
is (i) in violation of its respective charter or by-laws or similar organizational documents or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, loan
agreement, note, lease or other agreement or instrument to which the Company or any such subsidiary is a party or by which it or any of them may be bound or to which any of the property or assets of any of them is subject, except, in the case of
clause (ii), where such violation or default would not, singly or in the aggregate, have a Material Adverse Effect. 
 
(s)  There is no action, suit or proceeding before or by any Governmental Entity, arbitrator or court, domestic or foreign, now
pending or, to the knowledge of the Company or the Trust after due inquiry, threatened against or affecting the Trust or the Company or any of the Company’s subsidiaries, except for such actions, suits or proceedings that, if adversely
determined, would not, singly or in the aggregate, adversely affect the consummation of the transactions contemplated by the Operative Documents or have a Material Adverse Effect; and the aggregate of all pending legal or governmental proceedings to
which the Trust or the Company or any of its subsidiaries is a party or of which any of their respective properties or assets is subject, including ordinary routine litigation incidental to the business, are not expected to result in a Material
Adverse Effect. 
 
(t)  The accountants
of the Company who certified the Financial Statements (as defined below) are independent public accountants of the Company and its subsidiaries within the meaning of the Securities Act, and the rules and regulations of the Securities and Exchange
Commission (the “Commission”) thereunder. 
 
(u)  The audited consolidated financial statements (including the notes thereto) and schedules of the Company and its consolidated subsidiaries for the fiscal year ended December 31, 2002 (the “Financial
Statements”) and the interim unaudited consolidated financial statements of the Company and its consolidated subsidiaries for the month ended February 28, 2003 (the “Interim Financial Statements”) provided to the Purchaser
are the most recent available audited and unaudited consolidated financial statements of the Company and its consolidated subsidiaries, respectively, and fairly present in all material respects, in accordance with U.S. generally accepted accounting
principles, the financial position of the Company and its consolidated subsidiaries, and the results of operations and changes in financial condition as of the dates and for the periods therein specified, subject, in the case of Interim Financial
Statements, to year-end adjustments (which are expected to consist solely of normal recurring adjustments). Such consolidated financial statements and schedules have been prepared in 
 

8 

 
accordance with U.S. generally
accepted accounting principles consistently applied throughout the periods involved (except as otherwise noted therein). 
 
(v)  None of the Trust, the Company nor any of its subsidiaries has any material liability, whether known or unknown, whether
asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, including any liability for taxes (and there is no past or present fact, situation,
circumstance, condition or other basis for any present or future action, suit, proceeding, hearing, charge, complaint, claim or demand against the Company or its subsidiaries that could give rise to any such liability), except for (i) liabilities
set forth in the Financial Statements or the Interim Financial Statements and (ii) normal fluctuations in the amount of the liabilities referred to in clause (i) above occurring in the ordinary course of business of the Trust, the Company and all of
its subsidiaries since the date of the most recent balance sheet included in such Financial Statements. 
 
(w)  The Company’s report on FRY-9C, dated December 31, 2002 (the “FRY-9C”), provided to the Purchaser is
the most recently available such report, and the information therein fairly presents in all material respects the financial position of the Company and its subsidiaries. 
 
(x)  Since the respective dates of the Financial Statements, Interim Financial Statements and the
FRY-9C, there has not been (A) any material adverse change or development with respect to the condition (financial or otherwise), earnings, business, assets or business prospects of the Company and its subsidiaries, taken as a whole, whether or not
occurring in the ordinary course of business or (B) any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock other than regular quarterly dividends on the Company’s common stock.

 
(y)  The Company is duly registered as
a bank holding company under the Bank Holding Company Act of 1956, as amended (the “Bank Holding Company Act”), and the regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve”),
and the deposit accounts of the Company’s subsidiary banks are insured by the Federal Deposit Insurance Corporation (“FDIC”) to the fullest extent permitted by law and the rules and regulations of the FDIC, and no proceeding
for the termination of such insurance are pending or, to the knowledge of the Company or the Trust after due inquiry, threatened. 
 
(z)  The documents of the Company filed with the Commission in accordance with the Exchange Act, from and including the
commencement of the fiscal year covered by the Company’s most recent Annual Report on Form 10-K, at the time they were or hereafter are filed by the Company with the Commission (collectively, the “1934 Act Reports”), complied and will
comply in all material respects with the requirements of the 1934 Act and the rules and regulations of the Commission thereunder (the “1934 Act Regulations”), and, at the date of this Purchase Agreement and on the Closing Date, do not and
will not include 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, in the light of the circumstances under which they were made, not misleading; and
other than such instruments, agreements, contracts and other documents as are 
 

9 

 
filed as exhibits to the
Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, there are no instruments, agreements, contracts or documents of a character described in Item 601 of Regulation S-K promulgated by the
Commission to which the Company or any of its subsidiaries is a party. 
 
(aa)  None of the Trust, the Company nor any of its subsidiaries is subject or is party to, or has received any notice from any Regulatory Agency (as defined below) that any of them will become subject or party to
any investigation with respect to, any cease-and-desist order, agreement, consent agreement, memorandum of understanding or other regulatory enforcement action, proceeding or order with or by, or is a party to any commitment letter or similar
undertaking to, or is subject to any directive by, or has been a recipient of any supervisory letter from, or has adopted any board resolutions at the request of, any Regulatory Agency that, in any such case, currently restricts in any material
respect the conduct of their business or that in any material manner relates to their capital adequacy, their credit policies, their management or their business (each, a “Regulatory Action”), nor has the Trust, the Company or any
of its subsidiaries been advised by any Regulatory Agency that it is considering issuing or requesting any such Regulatory Action; and there is no unresolved violation, criticism or exception by any Regulatory Agency with respect to any report or
statement relating to any examinations of the Trust, the Company or any of its subsidiaries, except where such unresolved violation, criticism or exception would not, singly or in the aggregate, have a Material Adverse Effect. As used herein, the
term “Regulatory Agency” means any federal or state agency charged with the supervision or regulation of depositary institutions or holding companies of depositary institutions, or engaged in the insurance of depositary institution
deposits, or any court, administrative agency or commission or other governmental agency, authority or instrumentality having supervisory or regulatory authority with respect to the Trust, the Company or any of its subsidiaries. 
 
(bb)  No labor dispute with the employees of the
Trust, the Company or any of its subsidiaries exists or, to the knowledge of the executive officers of the Trust or the Company, is imminent, except those which would not, singly or in the aggregate, have a Material Adverse Effect. 
 
(cc)  No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree of, any Governmental Entity, other than those that have been made or obtained, is necessary or required for the performance by the Trust or the Company of their respective obligations
under the Operative Documents, as applicable, or the consummation by the Trust and the Company of the transactions contemplated by the Operative Documents. 
 
(dd)  Each of the Trust, the Company and each subsidiary of the Company has good and marketable title to all of its respective
real and personal properties, in each case free and clear of all Liens and defects, except for those that would not, singly or in the aggregate, have a Material Adverse Effect; and all of the leases and subleases under which the Trust, the Company
or any subsidiary of the Company holds properties are in full force and effect, except where the failure of such leases and subleases to be in full force and effect, would not, singly or in the aggregate, have a Material Adverse Effect, and none of
the Trust, the Company or any subsidiary of the Company has any notice of any claim of any sort that has been asserted by 
 

10 

 
anyone adverse to the rights
of the Trust, the Company or any subsidiary of the Company under any such leases or subleases, or affecting or questioning the rights of such entity to the continued possession of the leased or subleased premises under any such lease or sublease,
except for such claims that would not, singly or in the aggregate, have a Material Adverse Effect. 
 
(ee)  The Company has no present intention to exercise its option to defer payments of interest on the Junior Subordinated Notes
as provided in the Indenture. The Company believes that the likelihood that it would exercise its rights to defer payments of interest on the Junior Subordinated Notes as provided in the Indenture at any time during which the Junior Subordinated
Notes are outstanding is remote because of the restrictions that would be imposed on the Company’s ability to declare or pay dividends or distributions on, or to redeem, purchase, acquire or make a liquidation payment with respect to, any of
the Company’s capital stock and on the Company’s ability to make any payments of principal, interest or premium on, or repay, repurchase or redeem, any of its debt securities that rank pari passu in all respects with or junior in
interest to the Junior Subordinated Notes. 
 
(ff)  The information provided by the Company and the Trust pursuant to this Purchase Agreement does not, as of the date hereof, and will not, as of the Closing Date, contain any untrue statement of a material fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 
5.    Representations and Warranties of the Purchaser.    The Purchaser represents and
warrants to, and agrees with, the Company and the Trust as follows: 
 
(a)  The Purchaser is aware that the Securities have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to “U.S. persons” (as defined
in Regulation S under the Securities Act) except in accordance with Rule 903 of Regulation S under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. 
 
(b)  The Purchaser is an “accredited
investor,” as such term is defined in Rule 501(a) of Regulation D under the Securities Act. 
 
(c)  Neither the Purchaser, nor any of the Purchaser’s affiliates, nor any person acting on the Purchaser’s or the Purchaser’s Affiliate’s behalf has engaged, or will
engage, in any form of “general solicitation or general advertising” (within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the Preferred Securities. 
 
6.    Agreements of the Company and the
Trust.    The Company and the Trust jointly and severally agree with the Purchaser as follows: 
 
(a)  The Company and the Trust will arrange for the qualification of the Preferred Securities for sale under the laws of such
jurisdictions as the Purchaser may designate and will maintain such qualifications in effect so long as required for the sale of the Preferred Securities. The Company or the Trust, as the case may be, will promptly advise the Purchaser of the
receipt by the Company or the Trust, as the case may be, of any notification with respect to 
 

11 

 
the suspension of the
qualification of the Preferred Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
 
(b)  Neither the Company nor the Trust will, nor will either of them permit any of its Affiliates to, nor will either of them
permit any person acting on its or their behalf (other than the Purchaser) to, resell any Preferred Securities that have been acquired by any of them. 
 
(c)  Neither the Company nor the Trust will, nor will either of them permit any of their Affiliates or any person acting on
their behalf to, engage in any “directed selling efforts” within the meaning of Regulation S under the Securities Act with respect to the Securities. 
 
(d)  Neither the Company nor the Trust will, nor will either of them permit any of their Affiliates or any person acting on
their behalf to, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of any of the Securities under the Securities Act. 
 
(e)  Neither the Company nor the Trust will, nor
will either of them permit any of its Affiliates or any person acting on their behalf to, engage in any form of “general solicitation or general advertising” (within the meaning of Regulation D) in connection with any offer or sale of the
any of the Securities. 
 
(f)  So long as
any of the Securities are outstanding, (i) the Securities shall not be listed on a national securities exchange registered under section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system and (ii) neither the Company
nor the Trust shall be an open-end investment company, unit investment trust or face-amount certificate company that is, or is required to be, registered under section 8 of the Investment Company Act, and, the Securities shall otherwise satisfy the
eligibility requirements of Rule 144A(d)(3). 
 
(g)  Each of the Company and the Trust shall furnish to (i) the holders, and to subsequent holders of the Securities, (ii) Trapeza Manager, Inc. (at 507 Carew Tower, 441 Vine Street, Cincinnati, Ohio 45202, or such other
address as designated by Trapeza Manager, Inc.) and (iii) any beneficial owner of the Securities reasonably identified to the Company and the Trust (which identification may be made either by such beneficial owner or by Trapeza Manager Inc.) a duly
completed and executed certificate in the form attached hereto as Annex F, including the attachments referenced in such Annex, which certificate and attachments shall be so furnished by the Company and the Trust not later than forty five (45) days
after the end of each of the first three fiscal quarters of each fiscal year of the Company and not later than ninety (90) days after the end of each fiscal year of the Company. 
 
(h)  Each of the Company and the Trust will, during any period in which it is not subject to and in
compliance with section 13 or 15(d) of the Exchange Act, or it is not exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, shall provide to each holder of the Securities and to each
prospective purchaser (as designated by such holder) of the Securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Securities Act. If the Company and the Trust are
required to register under the Exchange Act, such reports filed in compliance with Rule 12g3-2(b) shall be sufficient information as required 
 

12 

 
above. This covenant is
intended to be for the benefit of the Purchaser, the holders of the Securities, and the prospective purchasers designated by the Purchaser and such holders, from time to time, of the Securities. 
 
(i)  Neither the Company nor the Trust will, until
one hundred eighty (180) days following the Closing Date, without the Purchaser’s prior written consent, offer, sell, contract to sell, grant any option to purchase or otherwise dispose of, directly or indirectly, (i) any Preferred Securities
or other securities of the Trust other than as contemplated by this Purchase Agreement, (ii) any other securities convertible into, or exercisable or exchangeable for, any Preferred Securities or other securities of the Trust, or (iii) any
securities that could be integrated with the offering of the Preferred Securities, nor shall either the Company or the Trust enter into any agreement, or announce an intention to do, any of the foregoing. 
 
7.    Payment of
Expenses.    The Company, as depositor of the Trust, agrees to pay all costs and expenses incident to the performance of the obligations of the Company and the Trust under this Purchase Agreement, whether or not the
transactions contemplated herein are consummated or this Purchase Agreement is terminated, including all costs and expenses incident to (i) the authorization, issuance, sale and delivery of the Preferred Securities and any taxes payable in
connection therewith; (ii) the fees and expenses of qualifying the Preferred Securities under the securities laws of the several jurisdictions as provided in Section 6(a); (iii) the fees and expenses of the counsel, the accountants and any
other experts or advisors retained by the Company or the Trust; (iv) the fees and all reasonable expenses of the Guarantee Trustee, the Property Trustee, the Delaware Trustee, the Indenture Trustee and any other trustee or paying agent appointed
under the Operative Documents, including the fees and disbursements of counsel for such trustees, which fees shall not exceed a $2,000 acceptance fee and $4,000 in administrative fees annually, which fees shall be paid by the Purchaser for the first
five years. 
 
If the sale of the Preferred
Securities provided for in this Purchase Agreement is not consummated because any condition set forth in Section 3 to be satisfied by either the Company or the Trust is not satisfied, because this Purchase Agreement is terminated pursuant to
Section 10 or because of any failure, refusal or inability on the part of the Company or the Trust to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder other than by a reason of a default by
the Purchaser, the Company will reimburse the Purchaser upon demand for all reasonable out-of-pocket expenses (including the fees and expenses of each of the Purchaser’s counsel specified in subparagraph (v) of the immediately preceding
paragraph) that shall have been incurred by the Purchaser in connection with the proposed purchase and sale of the Preferred Securities. The Company shall not in any event be liable to the Purchaser for the loss of anticipated profits from the
transactions contemplated by this Purchase Agreement. 
 
8.    Indemnification.    (a)  The Company and the Trust agree jointly and severally to indemnify and hold harmless the Purchaser, the Purchaser’s affiliates, Trapeza
Funding LLC, Trapeza Partners L.P. and Credit Suisse First Boston LLC (collectively, the “Indemnified Parties”) and the Indemnified Parties’ respective directors, officers, employees and agents and each person who
“controls” the Indemnified Parties within the meaning of either the Securities Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint 
 

13 

 
or several, to which they or
any of them may become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any information or documents furnished or made available to the Purchaser by or on behalf of the Company, (ii) the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) the breach or alleged breach of any representation, warranty or agreement of either Seller contained herein,
and agrees to reimburse each such Indemnified Party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity agreement
will be in addition to any liability which the Company or the Trust may otherwise have. 
 
(a)  The Company agrees to indemnify the Trust against all loss, liability, claim, damage and expense whatsoever due from the Trust under paragraph (a) above. 
 
(b)  Promptly after receipt by an Indemnified Party
under this Section 8 of notice of the commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, promptly notify the indemnifying party in
writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve the indemnifying party from liability under paragraph (a) above unless and to the extent that such failure results in the forfeiture by the
indemnifying party of material rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any Indemnified Party other than the indemnification obligation provided in paragraph (a) above. Purchaser
shall be entitled to appoint counsel to represent the Indemnified Party in any action for which indemnification is sought. An indemnifying party may participate at its own expense in the defense of any such action; provided, however,
that counsel to the indemnifying party shall not (except with the consent of the Indemnified Party) also be counsel to the Indemnified Party. In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in
addition to any local counsel) separate from their own counsel for all Indemnified Parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or
circumstances. An indemnifying party will not, without the prior written consent of the Indemnified Parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in
respect of which indemnification may be sought hereunder (whether or not the Indemnified Parties are actual or potential parties to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional
release of each Indemnified Party from all liability arising out of such claim, action, suit or proceeding. 
 
9.    Contribution.    (a)  In order to provide for just and equitable
contribution in circumstances under which the indemnification provided for in Section 8 hereof is for any reason held to be unenforceable for the benefit of an Indemnified Party in respect of any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such Indemnified Party, as incurred, (i) in such proportion as is appropriate

 

14 

 
to reflect the relative
benefits received by the Sellers, on the one hand, and the Purchaser, on the other hand, from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above, but also the relative fault of the Sellers, on the one hand, and the Purchaser, on the other hand, in connection with the statements, omissions or breaches, which resulted in
such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. 
 
(b)  The relative benefits received by the Sellers, on the one hand, and the Purchaser, on the other hand, in connection with
the offering of the Securities shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities (before deducting expenses) received by the Sellers and the Discount received by the Purchaser bear
to the aggregate of such net proceeds and commissions. 
 
(c) The Sellers and the Purchaser agree that it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section 9. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an Indemnified Party and referred to above in this Section 9 shall be deemed to
include any legal or other expenses reasonably incurred by such Indemnified Party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue or alleged untrue statement, omission or alleged omission or breach or alleged breach. 
 
(d)  Notwithstanding any provision of this Section 9 to the contrary, the Purchaser shall not be required to contribute
any amount in excess of the Discount. 
 
(e)  No person guilty of fraudulent misrepresentation (within the meaning of section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 
(f)  For purposes of this Section
9, the Purchaser, each person, if any, who controls the Purchaser within the meaning of section 15 of the Securities Act or section 20 of the Exchange Act and the respective partners, directors, officers, employees and agents of the Purchaser or
any such controlling person shall have the same rights to contribution as the Purchaser, while each officer and director of the Company, each trustee of the Trust and each person, if any, who controls the Company within the meaning of section 15 of
the Securities Act or section 20 of the Exchange Act shall have the same rights to contribution as the Sellers. 
 
10.    Termination.    This Purchase Agreement shall be subject to termination in the
absolute discretion of the Purchaser, by notice given to the Company and the Trust prior to delivery of and payment for the Preferred Securities, if prior to such time (i) a downgrading shall have occurred in the rating accorded the Company’s
debt securities or preferred stock by any “nationally recognized statistical rating organization,” as that term is used by the Commission in Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, or such organization shall have publicly

 

15 

 
announced that it has under
surveillance or review, with possible negative implications, its rating of the Company’s debt securities or preferred stock, (ii) the Trust shall be unable to sell and deliver to the Purchaser at least $20,000,000 stated liquidation value of
Preferred Securities, (iii) the Company or any of its subsidiaries that is an insured depository institution shall cease to be “adequately-capitalized” within the meaning of 12 U.S.C. §1831 and applicable regulations adopted
thereunder, or any formal administrative or judicial action is taken by any appropriate federal banking agency against the Company or any such insured subsidiary for unsafe and unsound banking practices, or violations of law, (iv) a suspension or
material limitation in trading in securities generally shall have occurred on the New York Stock Exchange, (v) a suspension or material limitation in trading in any of the Company’s securities shall have occurred on the exchange or quotation
system upon which the Company’ securities are traded, if any, (vi) a general moratorium on commercial banking activities shall have been declared either by federal or Minnesota authorities or (vii) there shall have occurred any outbreak or
escalation of hostilities, or declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is such as to make it, in the Purchaser’s judgment, impracticable or inadvisable
to proceed with the offering or delivery of the Preferred Securities. 
 
11.    Representations and Indemnities to Survive.    The respective agreements, representations, warranties, indemnities and other statements of the Company and the Trust or
their respective officers or trustees and of the Purchaser set forth in or made pursuant to this Purchase Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Purchaser, the Company or the Trust
or any of their respective officers, directors, trustees or controlling persons, and will survive delivery of and payment for the Preferred Securities. The provisions of Sections 7, 8 and 9 shall survive the termination or
cancellation of this Purchase Agreement. 
 
12.    Amendments.    This Purchase Agreement may not be modified, amended, altered or supplemented, except upon the execution and delivery of a written agreement by each of the parties
hereto. 
 
13.    Notices.    All communications hereunder will be in writing and effective only on receipt, and, if sent to the Purchaser, will be mailed, delivered by hand or courier or sent by
facsimile and confirmed to the Purchaser c/o Trapeza Funding, LLC, 441 Vine Street, Suite 507, Cincinnati, Ohio 45202, Attention: Steven N. Stein, Facsimile: (513) 241-1026; with a copy to Thacher Proffitt & Wood, 11 West 42nd Street, New York, New York 10036, Attention: Mark I. Sokolow, Facsimile: (212) 789-3500; and if sent to the Company or the
Trust, will be mailed, delivered by hand or courier or sent by facsimile and confirmed to it at Hudson United Bancorp, 1000 MacArthur Boulevard, Mahwah, New Jersey 07430, Attention: William A. Houlihan, Telephone: (201) 236-2804. 
 
14.    Successors and
Assigns.    This Purchase Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Nothing expressed or mentioned in this Purchase Agreement is
intended or shall be construed to give any person other than the parties hereto and the affiliates, directors, officers, employees, agents and controlling persons referred to in Section 8 hereof and their successors, 
 

16 

 
assigns, heirs and legal
representatives, any right or obligation hereunder. None of the rights or obligations of the Company or the Trust under this Purchase Agreement may be assigned, whether by operation of law or otherwise, without the Purchaser’s prior written
consent. The rights and obligations of the Purchaser under this Purchase Agreement may be assigned by the Purchaser without the Company’s or the Trust’s consent; provided that the assignee assumes the obligations of the Purchaser under
this Purchase Agreement. 
 
15.    Applicable Law.    THIS PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 
 
16.    Submission to Jurisdiction.    ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS PURCHASE
AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY
EXECUTION AND DELIVERY OF THIS PURCHASE AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS ARISING
OUT OF OR IN CONNECTION WITH THIS PURCHASE AGREEMENT. 
 
17.    Counterparts and Facsimile.    This Purchase Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be
an original, but all such counterparts shall together constitute one and the same instrument. This Purchase Agreement may be executed by any one or more of the parties hereto by facsimile. 
 

17 

 
IN WITNESS
WHEREOF, this Purchase Agreement has been entered into as of the date first written above. 
 

	
	 	  	 [COMPANY]

	
	 	  	 By:
	  	 
	 	  	 	  	

	 	  	 	  	 Name:

	 	  	 	  	 Title:

	
	 	  	 [Trust Name]

	
	 	  	 By:
	  	 [COMPANY], as Depositor

	
	 	  	 By:
	  	 
	 	  	 	  	

	 	  	 	  	 Name:

	 	  	 	  	 Title:

	
	 	  	 TRAPEZA CDO II, LLC

	
	 	  	 By:
	  	 
	 	  	 	  	

	 	  	 	  	 Name:

	 	  	 	  	 Title:

 
 

18 

 
SCHEDULE 1

List of Significant Subsidiaries 
 
Hudson United Bank 
 
[Other Subs?] 
 
 

19 

 
ANNEX A-I

 
Pursuant to Section 3(c)(i) of the Purchase
Agreement, Thacher Proffitt & Wood, special counsel for the Purchaser, shall deliver an opinion to the effect that: 
 
(i)  the Company and each Significant Subsidiary is validly existing as a corporation in good standing under the
laws of the jurisdiction in which it is chartered or organized; the Company has corporate power and authority to (i) execute and deliver, and to perform its obligations under, the Operative Documents to which it is a party and (ii) issue and perform
its obligations under the Notes; 
 
(ii)  neither the issue and sale of the Common Securities, the Preferred Securities or the Junior Subordinated Notes, nor the purchase by the Trust of the Junior Subordinated Notes, nor the execution and delivery of and
compliance with the Operative Documents by the Company or the Trust nor the consummation of the transactions contemplated thereby will constitute a breach or violation of the Trust Agreement or the charter or by-laws of the Company; 
 
(iii)  the Amended and Restated
Trust Agreement has been duly authorized, executed and delivered by the Company and duly executed and delivered by the Administrative Trustees; 
 
(iv)  each of the Guarantee and the Indenture has been duly authorized, executed and delivered by the Company
and, assuming it has been duly authorized, executed and delivered by the Guarantee Trustee and the Indenture Trustee, respectively, constitutes a legal, valid and binding obligation of the Company enforceable against the Company in accordance with
its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity; 
 
(v)  the Junior Subordinated Notes have been duly authorized and executed by the Company and delivered to the
Indenture Trustee for authentication in accordance with the Indenture and, when authenticated in accordance with the provisions of the Indenture and delivered to the Trust against payment therefor, will constitute legal, valid and binding
obligations of the Company entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to
general principles of equity; 
 
(vi)  the Trust is not, and, following the issuance of the Preferred Securities and the consummation of the transactions contemplated by the Operative Documents and the application of the proceeds therefrom, the Trust will
not be, an “investment company” or an entity “controlled” by an “investment company,” in each case within the meaning of Section 3(a) of the Investment Company Act; and 
 
(vii)  assuming (i) the accuracy of
the representations and warranties, and compliance with the agreements contained in the Purchase Agreement and (ii) that the Preferred Securities are sold in a manner contemplated by, and in accordance with the 
 

A-I-1 

Purchase Agreement and the Amended and Restated Trust Agreement, it is not necessary in
connection with the offer, sale and delivery of the Preferred Securities by the Trust to the Purchaser, to register any of the Securities under the Securities Act or to require qualification of the Indenture under the Trust Indenture Act of 1939, as
amended. 
 
(viii) the Purchase
Agreement has been duly authorized, executed and delivered by the Company; and 
 
(ix) the Purchase Agreement has been duly authorized, executed and delivered by the Trust. 
 
In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of the State of New York, the Delaware
General Corporation Law and the federal laws of the United States; (B) as to matters involving the application of laws of any jurisdiction other than the State of New York and the Delaware General Corporation Law or the federal laws of the United
States, (i) rely, to the extent deemed proper and specified in such opinion, upon the opinion of other counsel of good standing believed to be reliable and who are satisfactory to the Purchaser or (ii) assume such law is substantially similar to the
law of the State of New York and, (C) as to matters of fact, rely to the extent deemed proper, on certificates of responsible officers of the Company and public officials. 
 
 

A-I-2 

 
ANNEX A-II

 
Pursuant to Section 3(c)(ii) of the Purchase
Agreement, General Counsel for the Company shall deliver an opinion, or the Company shall provide an Officers’ Certificate, to the effect that: 
 
(i)  all of the issued and outstanding shares of capital stock of each Significant Subsidiary are owned of
record by the Company, and the issuance of the Preferred Securities and the Common Securities is not subject to any contractual preemptive rights known to such [counsel/officer]; 
 
(ii)  no consent, approval, authorization or order of any court or governmental
authority is required for the issue and sale of the Common Securities, the Preferred Securities or the Junior Subordinated Notes, the purchase by the Trust of the Junior Subordinated Notes, the execution and delivery of and compliance with the
Operative Documents by the Company or the Trust or the consummation of the transactions contemplated in the Operative Documents, except such approvals (specified in such [opinion/certificate]) as have been obtained; 
 
(iii)  to the knowledge of such
[counsel/officer], there is no action, suit or proceeding before or by any government, governmental instrumentality, arbitrator or court, domestic or foreign, now pending or threatened against or affecting the Trust or the Company or any Significant
Subsidiary that could adversely affect the consummation of the transactions contemplated by the Operative Documents or could have a Material Adverse Effect. 
 
(iv)  the Company is duly registered as a [bank holding][savings and loan holding] company [, and has
filed an effective election with the Federal Reserve Bank of [            ] to be a financial holding company,] under the [Bank Holding Company Act of 1956] and the regulations thereunder
of the [Federal Reserve Board] [Office of Thrift Supervision], and the deposit accounts of the Company’s banking subsidiary are insured by the FDIC to the fullest extent permitted by law and the rules and regulations of the FDIC, and no
proceeding for the termination of such insurance is pending or, to such person’s knowledge, threatened; 
 
(v)  the execution, delivery and performance of the Operative Documents, as applicable, by the Company and the
Trust and the consummation by the Company and the Trust of the transactions contemplated by the Operative Documents, as applicable, (i) will not result in any violation of the charter or bylaws of the Company, the charter or bylaws of any
Significant Subsidiary, the Amended and Restated Trust Agreement or the Certificate of Trust, and (ii) will not conflict with, or result in a breach of any of the terms or provisions of, or constitute a default (or an event which, with notice or
lapse of time or both, would constitute a default) under, or result in the creation or imposition of any lien, charge and encumbrance upon any assets or properties of the Company or any Significant Subsidiary under, (a) any agreement, indenture,
mortgage or instrument that the Company or any Significant Subsidiary of the Company is a party to 
 

A-II-1 

or by which it may be bound or to which any of its assets or properties may be subject, or
(b) any existing applicable law, rule or administrative regulation (except that I express no opinion with respect to the securities laws of the State of Delaware) of any court or governmental agency or authority having jurisdiction over the Company
or any Significant Subsidiary of the Company or any of their respective assets or properties, except in case of (ii), where any such violation, conflict, breach, default, lien, charge or encumbrance, would not have a material adverse effect on the
assets, properties, business, results of operations or financial condition of the Company and its subsidiaries, taken as whole. 
 
[Applies only to in-house counsel opinion] [In rendering such opinions, such counsel may (A) state that the above is limited to
the laws of the States of [Jurisdiction of bar admission], (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials.] 
 
 

A-II-2 

 
ANNEX B

 
Pursuant to Section 3(d) of the Purchase
Agreement, Thacher Proffitt & Wood, special tax counsel for the Purchaser, shall deliver an opinion to the effect that: 
 
(vi)  the Trust will be classified for United States federal income tax purposes as a grantor trust and not as
an association or a publicly traded partnership taxable as a corporation; and 
 
(vii)  for United States federal income tax purposes, the Junior Subordinated Notes will constitute indebtedness of the Company. 
 
In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of the State
of New York and the federal laws of the United States and (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials. 
 
 

B-1 

 
ANNEX C

 
Pursuant to Section 3(e) of the Purchase
Agreement, Richards, Layton & Finger, P.A., special Delaware counsel for the Purchaser, shall deliver an opinion to the effect that: 
 
(i)  the Trust has been duly created and is validly existing in good standing as a statutory trust under the
Delaware Statutory Trust Act, and all filings required under the laws of the State of Delaware with respect to the creation and valid existence of the Trust as a statutory trust have been made; 
 
(ii)  under the Delaware Statutory
Trust Act and the Amended and Restated Trust Agreement, the Trust has the trust power and authority (A) to own property and conduct its business, all as described in the Amended and Restated Trust Agreement, (B) to execute and deliver, and to
perform its obligations under, each of the Purchase Agreement, the Common Securities Subscription Agreement, the Junior Subordinated Note Subscription Agreement and the Preferred Securities and the Common Securities and (C) to purchase and hold the
Junior Subordinated Notes; 
 
(iii)  under the Delaware Statutory Trust Act, the certificate attached to the Amended and Restated Trust Agreement as Exhibit C is an appropriate form of certificate to evidence ownership of the Preferred Securities; the
Preferred Securities have been duly authorized by the Trust Agreement and, when issued and delivered against payment of the consideration as set forth in the Purchase Agreement, the Preferred Securities will be validly issued and (subject to the
qualifications set forth in this paragraph) fully paid and nonassessable and will represent undivided beneficial interests in the assets of the Trust; the holders of the Preferred Securities will be entitled to the benefits of the Amended and
Restated Trust Agreement and, as beneficial owners of the Trust, will be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of
Delaware; and such counsel may note that the holders of the Preferred Securities may be obligated, pursuant to the Amended and Restated Trust Agreement, to (A) provide indemnity and/or security in connection with and pay taxes or governmental
charges arising from transfers or exchanges of Preferred Securities certificates and the issuance of replacement Preferred Securities certificates and (B) provide security or indemnity in connection with requests of or directions to the Property
Trustee to exercise its rights and remedies under the Amended and Restated Trust Agreement; 
 
(iv)  the Common Securities have been duly authorized by the Trust Agreement and, when issued and delivered by
the Trust to the Company against payment therefor as described in the related Amended and Restated Trust Agreement and the related Common Securities Subscription Agreement, will be validly issued and fully paid and will represent undivided
beneficial interests in the assets of the Trust entitled to the benefits of the Trust Agreement; 
 
 

C-1 

(v)  under the Delaware Statutory Trust Act and the Amended and
Restated Trust Agreement, the issuance of the Preferred Securities and the Common Securities is not subject to preemptive or other similar rights; 
 
(vi)  under the Delaware Statutory Trust Act and the Amended and Restated Trust Agreement, the execution and
delivery by the Trust of the Purchase Agreement, the Common Securities Subscription Agreement and the Junior Subordinated Note Subscription Agreement, and the performance by the Trust of its obligations thereunder, have been duly authorized by all
necessary trust action on the part of the Trust; 
 
(vii)  the Amended and Restated Trust Agreement constitutes a legal, valid and binding obligation of the Company and the Trustees, and is enforceable against the Company and the Trustees, in accordance with its terms
subject, as to enforcement, to the effect upon the Amended and Restated Trust Agreement of (i) bankruptcy, insolvency, moratorium, receivership, reorganization, liquidation, fraudulent conveyance or transfer and other similar laws relating to or
affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of
applicable public policy on the enforceability of provisions relating to indemnification or contribution; 
 
(viii)  the issuance and sale by the Trust of the Preferred Securities and the Common Securities, the purchase
by the Trust of the Junior Subordinated Notes, the execution, delivery and performance by the Trust of the Purchase Agreement, the Common Securities Subscription Agreement and the Junior Subordinated Note Subscription Agreement, the consummation by
the Trust of the transactions contemplated by the Purchase Agreement and compliance by the Trust with its obligations thereunder do not violate (i) any of the provisions of the Certificate of Trust or the Amended and Restated Trust Agreement or (ii)
any applicable Delaware law, rule or regulation; 
 
(ix)  no filing with, or authorization, approval, consent, license, order, registration, qualification or decree of, any Delaware court or Delaware governmental authority or Delaware agency is necessary or required solely
in connection with the issuance and sale by the Trust of the Common Securities or the Preferred Securities, the purchase by the Trust of the Junior Subordinated Notes, the execution, delivery and performance by the Trust of the Purchase Agreement,
the Common Securities Subscription Agreement and the Junior Subordinated Note Subscription Agreement, the consummation by the Trust of the transactions contemplated by the Purchase Agreement and compliance by the Trust with its obligations
thereunder; and 
 
(x)  the holders of the Preferred Securities (other than those holders who reside or are domiciled in the State of Delaware) will have no liability for income taxes imposed by the State of Delaware solely as a result of
their participation in the Trust and the Trust will not be liable for any income tax imposed by the State of Delaware. 
 
 

C-2 

 
In rendering
such opinions, such counsel may (A) state that its opinion is limited to the laws of the State of Delaware and (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials.

 
 

C-3 

 
ANNEX D

 
Pursuant to Section 3(f) of the Purchase
Agreement, White & Case, special counsel for the Guarantee Trustee, the Property Trustee and the Indenture Trustee, shall deliver an opinion to the effect that: 
 
(viii)  The Bank of New York, is a New York banking corporation with trust powers
duly organized and validly existing in good standing under the laws of the State of New York with all necessary corporate power and authority to execute, deliver and perform its obligations under the terms of the Guarantee, the Amended and Restated
Trust Agreement and the Indenture; 
 
(ix)  the execution, delivery and performance by The Bank of New York of the Guarantee, the Amended and Restated Trust Agreement and the Indenture have been duly authorized by all necessary corporate action on the part of
The Bank of New York, each of the Guarantee, the Amended and Restated Trust Agreement and the Indenture has been duly executed and delivered by The Bank of New York, and each of the Guarantee and the Indenture constitutes the legal, valid and
binding obligation of The Bank of New York enforceable against The Bank of New York in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of
equity; 
 
(x)   he
execution, delivery and performance of the Guarantee, the Amended and Restated Trust Agreement and the Indenture by The Bank of New York do not conflict with or constitute a breach of (A) the articles of association or by-laws of The Bank of New
York or (B) any law or regulation of the United States of America or the State of New York governing the banking or trust powers of the Bank of New York; 
 
(xi)  no consent, approval or authorization of, or registration with or notice to, any governmental authority or
agency of the United States of America governing the banking or trust powers of The Bank of New York is required for the execution, delivery or performance by it of the Guarantee, the Amended and Restated Trust Agreement or the Indenture;

 
(xii)  the Junior
Subordinated Notes have been duly authenticated and delivered by The Bank of New York; and 
 
(xiii)  The Preferred Securities have been duly authenticated and delivered by The Bank of New York.

 
In rendering such opinions, such counsel may (A)
state that its opinion is limited to the laws of the State of New York and the federal laws of the United States and (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public
officials. 
 
 

D-1 

 
ANNEX E

 
Pursuant to Section 3(g) of the Purchase
Agreement, Richards, Layton & Finger, P.A., counsel for the Purchaser, shall deliver an opinion to the effect that: 
 
(i)  The Bank of New York (Delaware) is duly incorporated and validly existing as a Delaware banking corporation
under the laws of the State of Delaware with trust powers and with its principal place of business in the State of Delaware; 
 
(ii)  The Bank of New York (Delaware) has the corporate power and authority to execute, deliver and perform its
obligations under, and has taken all necessary corporate action to authorize the execution, delivery and performance of, the Amended and Restated Trust Agreement and to consummate the transactions contemplated thereby; 
 
(iii)  The Amended and Restated
Trust Agreement has been duly authorized, executed and delivered by The Bank of New York (Delaware) and constitutes a legal, valid and binding obligation of The Bank of New York (Delaware), and is enforceable against The Bank of New York (Delaware),
in accordance with its terms subject as to enforcement, to the effect upon the Trust Agreement of (i) applicable bankruptcy, insolvency, reorganization, moratorium, receivership, fraudulent conveyance or transfer and similar laws relating to or
affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of
applicable public policy on the enforceability of provisions relating to indemnification or contribution; 
 
(iv)  The execution, delivery and performance by The Bank of New York (Delaware) of the Amended and Restated
Trust Agreement do not conflict with or result in a violation of (A) articles of association or by-laws of The Bank of New York (Delaware) or (B) any law or regulation of the State of Delaware or the United States of America governing the banking or
trust powers of The Bank of New York (Delaware) or, to our knowledge, without independent investigation, of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to
which The Bank of New York (Delaware) is a party or by which it is bound or, to our knowledge, without independent investigation, of any judgment or order applicable to The Bank of New York (Delaware); and 
 
(v)  No approval, authorization or
other action by, or filing with, any governmental authority of the State of Delaware or the United States of America governing the banking and trust powers of The Bank of New York (Delaware) is required in connection with the execution and delivery
by The Bank of New York (Delaware) of the Amended and Restated Trust Agreement or the performance by The Bank of New York (Delaware) of its obligations thereunder, except for the filing of the Certificate of 
 

E-1 

 
Trust with the
Secretary of State of the State of Delaware, which Certificate of Trust has been filed with the Secretary of State of the State of Delaware. 
 
In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of the State of Delaware and the federal
laws of the United States and (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials. 
 
 

E-2 

Annex F 
 
Officer’s Certificate 
 
The undersigned, the [Chief Financial Officer] [Treasurer] [Executive Vice President] hereby certifies,
pursuant to Section 6(g) of the Purchase Agreement, dated as of March 31, 2003, among Hudson United Bancorp (the “Company”), Hudson United Capital Trust I (the “Trust”) and Trapeza CDO II, LLC, that, as of [date],
[20            ], the Company had the following ratios and balances: 
 
[BANK HOLDING COMPANY/THRIFT HOLDING COMPANY] 
 
As of [Quarterly Financial Dates] 
 

	 Tier 1 Risk Weighted Assets
	 	  
	                     %

	 	 	
	

	 Ratio of Double Leverage
	 	  
	                     %

	 	 	
	

	 Non-Performing Assets to Loans and OREO
	 	  
	                     %

	 	 	
	

	 Tangible Common Equity as a Percentage of Tangible Assets
	 	  
	                     %

	 	 	
	

	 Ratio of Reserves to Non-Performing Loans
	 	  
	                     %

	 	 	
	

	 Ratio of Net Charge-Offs to Loans
	 	  
	                     %

	 	 	
	

	 Return on Average Assets (annualized)
	 	  
	                     %

	 	 	
	

	 Net Interest Margin (annualized)
	 	  
	                     %

	 	 	
	

	 Efficiency Ratio
	 	  
	                     %

	 	 	
	

	 Ratio of Loans to Assets
	 	  
	                     %

	 	 	
	

	 Ratio of Loans to Deposits
	 	  
	                     %

	 	 	
	

	 Double Leverage (exclude trust preferred as equity)
	 	  
	                     %

	 	 	
	

	 Total Assets
	 	 $
	                     

	 	 	
	

	 Year to Date Income
	 	 $
	                     

	 	 	
	

 
* A table describing the
quarterly report calculation procedures is provided on page              
 
Attached hereto are the [audited] [unaudited] consolidated and consolidating financial statements (including the balance sheet, income
statement and, for year-end statements, notes thereto) of the Company and its consolidated subsidiaries for the [fiscal year] [fiscal quarter] ended [date], 20            , which financial
statements fairly present in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial position of the Company and its consolidated subsidiaries, and the results of operations and
changes in financial condition as of the date, and for the [             quarter interim] [annual] period ended [date],
20            , and such financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein).

 

F-1 

 
Annex F

 
IN WITNESS WHEREOF, the undersigned has
executed this Officer’s Certificate as of this              day of
                        , 20             
 
 

	
	 
	

	 Name:
 Title:

	 	 	 
	
	 Hudson United Bancorp
 1000 MacArthur Boulevard
 Mahwah, New Jersey 07430
 Telephone: (201) 236-2803

 

F-2 

 
Financial
Definitions 
 
BANK HOLDING COMPANY

 

	 Report Item

	  	 Corresponding FRY-9C or LP Line Items with Line
 Item corresponding Schedules

	  	 Description of Calculation

	 Tier 1 Risk
 Weighted Assets
	  	 BHCK7206
 Schedule HC-R
	  	 Tier 1 Risk Ratio: Core Capital (Tier 1)/ Risk-Adjusted Assets

	
	 Ratio of Double Leverage
	  	 (BHCP0365)/(BCHCP3210)
 Schedule PC in the LP
	  	 Total equity investments in subsidiaries divided by the total equity capital. This field is calculated at the parent
company level. “Subsidiaries” include bank, bank holding company, and non-bank subsidiaries.

	
	 Non-Performing Assets to Loans and OREO
	  	 (BHCK5525-BHCK3506+BHCK5526-BHCK3507+BHCK2744)/(BHCK2122+BHCK2744) Schedules HC-C, HC-M & HC-N
	  	 Total Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual & Repossessed Assets)/Total Loans+Foreclosed
Real Estate

	
	 Tangible Common Equity as a Percentage of Tangible Assets
	  	 (BHDM3210-BHCK3163)/(BHCK2170-BHCK3163)
 Schedule HC
	  	 (Equity Capital – Goodwill)/(Total Assets – Goodwill)

	
	 Ratio of Reserves to Non-Performing Loans
	  	 (BHCK3123+BHCK3128)/(BHCK5525-BHCK3506+BHCK5526-BHCK3507)
 Schedules HC & HC-N & HC-R
	  	 Total Loan Loss and Allocated Transfer Risk Reserves/ Total Nonperforming Loans (Nonaccrual +
Restructured)

	
	 Ratio of Net Charge-Offs to Loans
	  	 (BHCK4635-BHCK4605)/(BHCK3516)
 Schedules HC-B & HC-K
	  	 Net charge offs for the period as a percentage of average loans.

	
	 Return on Average Assets (annualized)
	  	 (BHCK4340/BHCK3368)
 Schedules HI & HC-K
	  	 Net Income as a percentage of Assets.

	
	 Net Interest Margin (annualized)
	  	 (BHCK4519)/(BHCK3515+BHCK3365+BH
 CK3516+BHCK3401+BHCKB985)
 Schedules HI Memorandum and HC-K
	  	 (Net Interest Income Fully Taxable Equivalent, if
 available/Average Earning Assets)

	
	 Efficiency Ratio
	  	 (BHCK4093)/(BHCK4519+BHCK4079)
 Schedule HI
	  	 (Non-interest Expense)/(Net Interest Income Fully Taxable Equivalent, if available, plus Non-interest
Income)

	
	 Ratio of Loans to Assets
	  	 (BHCKB528+BHCK5369)/(BHCK2170)
 Schedule HC
	  	 Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Assets

	
	 Ratio of Loans to Deposits
	  	 (BHCKB528+BHCK5369)(BHDM6631+BH
 DM6636+BHFN6631+BHFN6636)
 Schedule HC
	  	 Total Loans & Leases (Net of Unearned Income & Gross of Reserve)/Total Deposits (Includes Domestic and Foreign
Deposits)

 

E-1 

Annex F 
 

	 Total Assets
 

	  	 (BHCK2170)
  
 Schedule HC
	  	 The sum of total assets. Includes cash and balances due from depository institutions; securities; federal funds sold and
securities purchased under agreements to resell; loans and lease financing receivables; trading assets; premises and fixed assets; other real estate owned; investments in unconsolidated subsidiaries and associated companies; customer’s
liability on acceptances outstanding; intangible assets; and other assets

	
	 Net Income
 

	  	 (BHCK4300)
  
 Schedule HI
	  	 The sum of income (loss)before extraordinary items and other adjustments and extraordinary items; and other adjustments,
net of income taxes.

 

E-2

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